Halifax is a small city in the Atlantic region of Canada. It has a population of about 400 000 people.
However, the financial industry in Halifax, BC is a highly regulated and competitive one.
Let’s have a look at some recent investments, banking, and lending services that are helping Halifax grow into a financial powerhouse.
Halifax has come a long way from being a very small area to a good sized city that offers various financial services including payday loans and personal loans.
Contents
A Brief History about Halifax.
Halifax is one of the major cities in Nova Scotia and it has a deep history. The city was founded in 1749 and was incorporated as a city in 1841. It is also Nova Scotia’s capital city.
The name “Halifax” comes from its original name, “Haligonia”, which is believed to be derived from the Mi’kmaq phrase “Xaalipsgk”, which means “the place of large tidal waves”.
It is also said that the Mi’kmaq people used to call that area “L’Ile-aux-Ondes”, meaning “Island of Waves”.
Banks
There are a number of banks in Halifax, Nova Scotia. Some of them are National Bank of Canada, Scotiabank, TD Canada Trust, and the Royal Bank of Canada. They all allow you to borrow money so you have different options.
For a list of all major banks in Halifax please see below:
- National Bank of Canada
- Scotiabank
- TD Canada Trust
- Royal Bank of Canada
The financial industry is one of the most regulated industries in the world. As per McKinsey’s research in 2017, more than $3 trillion in assets were under management by 2066 global asset managers by 2020.
This is due to increasing regulation in this sector and increasing sophistication in investment products which has created an opportunity for asset managers to increase their market share through innovation.
A lot of startups are looking at disrupting this industry too with lots of new innovative products like robo advisers which offer automated investment advice for customers at low cost.
The banking sector which has traditionally been one of the most conservative industries overall.
Investments and Startups
Halifax, Nova Scotia is the perfect place for startups. You can find people who are well-educated and open-minded.
This city has a strong startup culture with an environment that is supportive of entrepreneurs. Here are some reasons why you should consider Halifax as your next destination for your startup:
1) The education system in Nova Scotia is very good and it offers affordable education to international students.
2) There are many co-working spaces that offer convertible office space options for startups.
3) Halifax has the lowest cost of living in Canada which means it’s easy to live here without spending too much money on rent or other expenses.
4) The government offers various grants to startups which make it easier for them to start their business economically.
Halifax also has its own website called Startups.io.
With the goal of making Halifax the best place to start and grow a business, startups.io was created.
Startups.io is an online hub for starting and growing a business in Halifax, Nova Scotia. The platform features lots of information about starting a business in general, how to start a business in Nova Scotia, and other useful information for entrepreneurs.
Loans and Lending
A loan can be used to purchase something or it can be borrowed by someone who needs money for some reason like to pay off debt or make an investment. You can get one through a bank in Halifax or a bunch of other local payday loan companies.
The word “loan” may also refer to an act of lending money on interest; the act of borrowing; or the act or granting of credit.
There are many types of loans offered in Halifax right now. It truly shows how open minded they are at the moment.
Two of the main type of loans are
A secured loan is a loan that is backed by collateral. This means that if the borrower defaults on their payments, a lender has something to repossess and sell in order to recoup their losses.
Bankers will often require a borrower to put up some form of collateral before they will offer them a secured loan.
For example: If someone needs to borrow money from their parents because they want to buy a car, the bank may require that person’s parents take out a second mortgage on their home as security for their son or daughter’s car-related debt repayment plan.
Moving Ahead
Halifax is a city that is moving ahead and fast. With the influx of more resources and a drive to push forward, all goals will be possible. Let’s keep an eye on this friendly and unique city shall we?
