Interview with National Advisory Committee member - Kevin Van Kampen
June 08, 2022
Watch Kevin's video below
The Leading Lenders’ team had the chance to sit down and chat with Kevin Van Kampen, Vice President, Business Banking at Meridian Credit Union, Ontario’s largest credit union and second largest in Canada. Having occupied various business banking roles throughout his career, Kevin understands how crucial it is to support women in their entrepreneurial journey, including helping them get better access to business financing. It goes without saying that Kevin and his colleagues at Meridian are dedicated to help break down barriers for women entrepreneurs. In this interview, he answers questions about the Leading Lenders’ initiative and related topics. (A written version of the interview is also available below.)
Question #1: In your opinion, what is a leading lender?I believe a leading lender is a partner that promotes, supports, and provide valuable resources and advice to improve access to capital for women entrepreneurs. A leading lender goes on a journey with women entrepreneurs, understands barriers women entrepreneurs face and is prepared to provide the support, counsel, and encouragement needed at every step along the way. A leading lender takes the time to truly understand the full range of needs.
Question #2: What inspires you about the Leading Lenders project?It’s inspiring how Leading Lenders have clearly articulated and identified the barriers to entry and success that women entrepreneurs face. At the core of everything Leading Lenders is doing is a focus on bringing new insights, education and driving the need for inclusivity and equity. In the past 40 years, the number of women entrepreneurs has grown three times faster than the number of men. Women-owned businesses now contribute 150 billion dollars to the Canadian economy and employ more than 1.5 million Canadians. Yet, majority women-owned businesses represent only 16% of all businesses. How much more could they contribute to the Canadian economy if biases and barriers are removed from the equation, and they are encouraged to grow? There is a lot of work still to be done and as a trusted financial partner, Meridian is inspired by Leading Lenders’ vision, their mandate and we’re rolling up our sleeves to contribute our part.
Question #3: In your experience, what are the most significant barriers women entrepreneurs face when trying to access business financing?As entrepreneurs and business owners, women often need to overcome social expectations while working harder than their male counterparts to secure funding and build networks of support and mentorship. Women and visible minorities often face even more difficulty than usual for small businesses. There is also research showing that investors may be biased and favour pitches from men, either consciously or unconsciously, even when the same content is pitched by women. The result is that women are just more likely to rely on self-financing. In Canada, women raise just 4% of the venture capital funding, yet represent 50% of the population so the problem that Leading Lenders is addressing is real.
Question#4: What tips would you offer to lenders who are looking to support a woman entrepreneur during her journey?Lenders should encourage women entrepreneurs to leverage all resources and information as much as possible, including the Leading Lenders’ toolkit. Lenders should help women build networks with business associates and peers to provide mentoring, support, counsel with business professionals like lawyers, accountants, financial advisors who they will need along their growth journey and who will work with them as trusted partners to provide insight, counsel and strategic guidance. Most importantly, as a leading lender, listen actively to understand the whole picture being presented to better help women navigate their journey toward success.
Kevin Van Kampen is a member of the Leading Lenders’ National Advisory Committee. We invite you to learn more about Kevin by visiting his page on our website.
The Leading Lenders’ team had the chance to sit down and chat with Kevin Van Kampen, Vice President, Business Banking at Meridian Credit Union, Ontario’s largest credit union and second largest in Canada. Having occupied various business banking roles throughout his career, Kevin understands how crucial it is to support women in their entrepreneurial journey, including helping them get better access to business financing. It goes without saying that Kevin and his colleagues at Meridian are dedicated to help break down barriers for women entrepreneurs. In this interview, he answers questions about the Leading Lenders’ initiative and related topics. (A written version of the interview is also available below.)
Question #1: In your opinion, what is a leading lender?I believe a leading lender is a partner that promotes, supports, and provide valuable resources and advice to improve access to capital for women entrepreneurs. A leading lender goes on a journey with women entrepreneurs, understands barriers women entrepreneurs face and is prepared to provide the support, counsel, and encouragement needed at every step along the way. A leading lender takes the time to truly understand the full range of needs.
Question #2: What inspires you about the Leading Lenders project?It’s inspiring how Leading Lenders have clearly articulated and identified the barriers to entry and success that women entrepreneurs face. At the core of everything Leading Lenders is doing is a focus on bringing new insights, education and driving the need for inclusivity and equity. In the past 40 years, the number of women entrepreneurs has grown three times faster than the number of men. Women-owned businesses now contribute 150 billion dollars to the Canadian economy and employ more than 1.5 million Canadians. Yet, majority women-owned businesses represent only 16% of all businesses. How much more could they contribute to the Canadian economy if biases and barriers are removed from the equation, and they are encouraged to grow? There is a lot of work still to be done and as a trusted financial partner, Meridian is inspired by Leading Lenders’ vision, their mandate and we’re rolling up our sleeves to contribute our part.
Question #3: In your experience, what are the most significant barriers women entrepreneurs face when trying to access business financing?As entrepreneurs and business owners, women often need to overcome social expectations while working harder than their male counterparts to secure funding and build networks of support and mentorship. Women and visible minorities often face even more difficulty than usual for small businesses. There is also research showing that investors may be biased and favour pitches from men, either consciously or unconsciously, even when the same content is pitched by women. The result is that women are just more likely to rely on self-financing. In Canada, women raise just 4% of the venture capital funding, yet represent 50% of the population so the problem that Leading Lenders is addressing is real.
Question#4: What tips would you offer to lenders who are looking to support a woman entrepreneur during her journey?Lenders should encourage women entrepreneurs to leverage all resources and information as much as possible, including the Leading Lenders’ toolkit. Lenders should help women build networks with business associates and peers to provide mentoring, support, counsel with business professionals like lawyers, accountants, financial advisors who they will need along their growth journey and who will work with them as trusted partners to provide insight, counsel and strategic guidance. Most importantly, as a leading lender, listen actively to understand the whole picture being presented to better help women navigate their journey toward success.
Kevin Van Kampen is a member of the Leading Lenders’ National Advisory Committee. We invite you to learn more about Kevin by visiting his page on our website.
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