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Small Business Funding

Scotiabank topped profit estimates last quarter while BMO missed. Heres why – National [Video]

Canada’s Bank of Montreal on Tuesday reported quarterly profit below analysts’ estimates, its sixth miss in a row, hurt by weakness in its U.S. retail segment and as the lender made bigger than expected provisions for potential bad loans.

Meanwhile, peer Bank of Nova Scotia, Canada’s fourth largest bank by market capitalization, reported better than expected profit powered by strong growth at its businesses at home and overseas, which spans across North America, Latin America and the Caribbean.

Canadian banks have sought growth south of the border expanding through acquisitions or brick by brick as opportunities in a saturated and highly regulated market at home were limited.

BMO purchased U.S. regional lender Bank of the West for US$16.3 billion last year, giving it exposure to nearly two million customers, about 500 retail branches and commercial and wealth offices across the midwest and western United States.

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Scotiabank looked further down, expanding …

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Small Business Funding

Debris removal slowly continues after Helene [Video]

Weeks after Hurricane Helene swept through the area, large piles of debris continued to line the streets of neighborhoods across Greenwood County. Residents say cleanup efforts are dragging on longer than expected, but county officials confirm progress is being made while also acknowledging that there is a long road ahead. According to Greenwood County leaders, in the immediate aftermath of Helene, the county experienced a 100% power outage, and nearly every street was blocked by storm damage. Local business owner Taylor Tucker, who runs Thayer's Furniture and Fine Gifts, says she continues to hear stories of hardship from her customers. It was like PTSD almost. They wanted to talk about it, Tucker said. Like many others in the county, Tuckers street remains cluttered with piles of debris. She worries the conditions are becoming hazardous. When I come home at night, and its dark, and we dont have a streetlight there, you have to be very careful because people have pushed the debris into the road, and youll just hit huge limbs and logs, she said. So, Im very careful when I drive now. According to Abby Banks, public information officer of Greenwood County, the county has a slower cleanup pace compared to larger counties in the Upstate due to the countys limited resources.Any time that you are a smaller county, you have less resources to take care of , Banks said. And while we may have fewer people, we have a lot of square footage, a lot of miles and a lot of roads to cover. Despite the challenges, Tucker expressed trust in the countys efforts. Im going to give a lot of grace because weve never experienced anything like this, she said. The debris that has built up is unbelievable. To address the ongoing recovery, county leaders recently approved additional funding for debris removal and passed an ordinance allowing residents to stay on their property in recreational vehicles while their homes are being repaired. We want to keep families together, Banks said. We dont want those displaced by Helene to have extra driving that they have to do to get to work or get their kids to school. Banks says Greenwood County teams are handling debris removal on private roads and neighborhoods, while the South Carolina Department of Transportation is managing state and county roads. As the recovery continues, residents like Tucker are holding onto hope that their neighborhoods will be restored soon.