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Economic Growth
Our investments help promote economic growth in the communities
we serve. This section covers our support for:
Development
We help stimulate economic growth by investing in programs
that
enable economic development with a social purpose.
Canada
RBC supports the Centre for Information and Community Services
of Ontario, a diverse and multi-service agency that strengthens
communities by providing a cost-effective, culturally sensitive
professional service that empowers immigrants and refugees
to
settle and integrate into Canadian society.
We also support The Foundation for Rural Living, created
to ensure
there is a strong intermediary organization between rural
communities
and local charities to help foster community economic
development and build a sustainable capacity for growth among
charities in rural areas of Ontario.
United States
RBC Bank helps communities access public and private financing
sources for economic development, and we also provide direct
financing:
- Our long-standing partnership with the Rocky Mount/Edgecombe
Community Development Corporation in Rocky Mount, North
Carolina, fosters community economic development, individual
asset development and prosperity.
- In 2008, RBC Bank participated in a number of loan consortia
in North Carolina, South Carolina, Florida and Alabama to
provide financing for community development projects that
benefit low- and moderate-income populations. As of July
2008, we had financed 98 projects that will deliver 5,900
units of affordable housing with funding of US$5.3 million.
- RBC Bank acted as the member bank for 15 non-profit developers
who submitted Affordable Housing Applications to the Federal
Home Loan Bank of Atlanta. These 15 projects requested US$8.5
million in subsidy/grants for US$68.8 million in total project
costs, to generate 693 units of affordable housing in three
states.
- We participate in economic development loan pools to
foster small business growth and downtown development in
several of our markets, including Greenville, Winston-Salem
and Rocky Mount, NC. We made available US$700,000 of a total
US$20 million loan pool servicing Birmingham, Alabama.
Newcomers
RBC believes there are significant economic benefits when
new immigrants succeed in their adopted country. In Canada,
we have adapted our credit, banking, marketing, recruiting
and training practices to help make this happen. In 2008,
we created a banking package tailored to the needs of newcomers,
increased the number of scholarship awards for new Canadians
from seven to 12, and developed a number of tools and resources
to help newcomers succeed in their adopted country. We also
supported a number of organizations that help skilled immigrants
find employment and succeed, such as:
- Career Bridge*, an innovative paid internship program
that responds to Canada's labour market demand for internationally
qualified professionals and to the aspirations of qualified
immigrants eager to work in their professional fields in
Canada. Since 2003, approximately 300 employers have provided
meaningful work experiences to over 920 Career Bridge interns,
including 73 internships at RBC.
- Immigrant Access Fund, a not-for-profit group that raises
funds to provide micro-loans to internationally trained
newcomers in Calgary for accreditation, training and upgrading
of skills
- The Toronto Region Immigrant Employment Council, a multistakeholder
council working to improve access to employment for immigrants
so they are better able to use the skills, education and
experience they bring with them to Canada. In partnership
with TRIEC, RBC is a key sponsor of the annual Immigrant
Success Awards that recognizes Toronto region employers
and individuals that recruit, retain and promote skilled
immigrants in the workplace.
- S.U.C.C.E.S.S., a multi-service agency in British Columbia
that promotes the well-being of all Canadians and immigrants,
encouraging their participation in the community by offering
social, employment, business and economic development, training
and education, and health services.
Aboriginal Communities
Economic Development
RBC supports the creation of wealth and economic sustainability
in Aboriginal communities by facilitating the development
of knowledge and resources critical to success. We promote
Aboriginal interests, forging partnerships with Aboriginal
peoples, businesses and governments based on understanding,
trust and respect. RBC encourages dialogue between businesses,
governments and individuals to identify and resolve relevant
economic issues.
In 2007, in response to a national challenge by National
Chief Phil Fontaine, RBC signed a Memorandum of Understanding
with the Assembly of First Nations, and provided a two-year
action plan that outlined commitments to various initiatives
designed to support community and social development and create
economic opportunities for First Nations communities across
Canada. RBC committed to increase partnerships with First
Nations government and business; increase and explore investment
potential; establish and foster procurement practices that
benefit First Nations; and develop and enhance human resources
development and labour force development activities with First
Nations communities and people.
We support programs that promote learning and skills development
among Aboriginal peoples, which leads to greater economic
self-sufficiency, including:
- The Aboriginal Human Resource Council, formed in 1998
as a national public/private, not-for-profit organization
with a mandate to advance the full participation of Aboriginal
people in Canada's labour market on a national level Frontiers
Foundation, a not-for-profit Aboriginal voluntary service
organization that promotes the advancement of economically
and socially disadvantaged communities to provide affordable
housing and improvements in education
- RBC Aboriginal Student Awards Program, which has provided
77 scholarships totalling $866,000 since the program's inception
in 1992. Eight students received awards in 2008. Award recipients
are also considered for summer and post-graduate employment
opportunities with RBC
- Miziwe Biik Aboriginal Employment and Training Centre,
committed to improving the socio-economic status of Aboriginal
people through access to training and employment opportunities,
business development training and support services, and
employment counselling. RBC directed our support to a small
business certificate course and a small business micro-loans
program for Aboriginal entrepreneurs
- CAREERS, in partnership with Alberta community education
systems and industry to achieve career success for youth
and meet interdependent needs of youth employability and
skilled labour shortages
- The Canadian Council for Aboriginal Business, a national
non-profit organization that provides tools and resources
to promote the full participation of Aboriginal people and
communities in Canada's economy.
Partnerships
Often a collective effort is more powerful than individual
ones.
That's why RBC supports public/private partnerships (PPP)
that
promote economic development. Here are highlights from 2008:
- RBC continued to support the Greater Halifax Partnership,
which brings together over 150 private sector companies,
three levels of government and skilled business professionals
dedicated to engaging the community in the growth of Greater
Halifax's economy.
- RBC Bank is a founding sponsor of the Carolinas Gateway
Partnership, a unique regional economic development group
for the Rocky Mount, North Carolina metropolitan area. The
public/private partnership helped transition the area from
textile and tobacco processing jobs to food processing,
pharmaceuticals, transportation and distribution. In all,
over 8,000 new jobs and US$800 million in new private investment
have been attracted to the area in the last decade. The
Milken Institute recently ranked the area the number one
small city for high-tech jobs in the U.S.
- Around the world, RBC advises and funds hospitals, schools,
roads, bridges, and other infrastructure projects through
public/private partnerships, with offices in London, Toronto,
Sydney, New York, Paris and Madrid. In Canada, we advised
the successful bidder and helped to finance the Kelowna
& Vernon Hospitals Project, Northwest Anthony Henday
Drive, and the Autoroute 30 Highway Project. In the United
Kingdom, our infrastructure finance team employs over 100
professionals and is a market leader for added value advisory
services and funding for U.K. and other European infrastructure
projects. We have recently completed two social housing
transactions for Circle Anglia and Affinity Sutton, raising
over £525 million. These are the first major bond
issues for the RSL (Registered Social Landlord) sector for
a number of years. We are also increasingly active in advising
on, and funding, infrastructure acquisitions. Recent examples
include Belfast City Airport and Freightliner, and in the
secondary market for PPP equity (acting for both the buy
and sell sides). A market leader and innovator in the development
of efficient funding structures, RBC helped fund projects
that include social housing, government offices, schools,
hospitals, transportation services, and others.
- We support the Robin Hood Foundation which partners with
more than 140 of the best poverty-fighting non-profit organizations
in New York City.
- In the Caribbean, we partner with the Trinidad and Tobago
Manufacturing Association and the Ministry of Trade &
Industry to showcase regional business at the annual Trade
& Investment Convention. We also host a semi-annual
forum to bring various stakeholders within the construction
sector together to discuss issues affecting the industry.
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