Interview with National Advisory Committee member - Krystal Van Westerop
February 09, 2023
Watch Krystal's video below
The Leading Lenders’ team had the pleasure of interviewing Krystal Van Westerop, National Manager, Women in Enterprise at TD Bank. Krystal is passionate about her role, where she leads the Women’s segment of Business Banking at TD and she works to grow the footprint of TD’s women-banking-accredited Champions across Canada. (A written version of the interview is also available below.)
Question #1: In your opinion, what is a leading lender?In my opinion, a leading lender is someone who acknowledges the unconscious biases and the systemic barriers that women entrepreneurs can face when seeking a relationship with a financial institution. It is also, leveraging the knowledge and tools available through this program, and others, to help enhance the experience of women business owners—and enable their journey for growth and take women’s businesses to the next level.
Question #2: What inspires you about the Leading Lenders project?What really inspired me was the fact that our two strategies align in terms of both wanting to help educate bankers and help to enhance and affect change at that relationship level for clients. Whether that is with TD Bank or other financial institutions, our main goal here is really to affect change at that relationship level and provide a better experience for women when they come in to seek that relationship with a financial institution. We know that can be a challenge and really that is the basis of it for me.
Question #3: In your experience, what are the most significant barriers women entrepreneurs face when trying to access business financing?I think there are a number of barriers, but ultimately it comes down to two important things for me: one of them being trust on the banker’s side—as to create that trusting environment where the client feels that they can open up and ask questions and really dig into what the needs are for their business; and the other being confidence. There are many times we have heard stories from our clients about situations of not necessarily feeling confident in asking questions. So, I often say to our clients and our bankers to make sure that they are providing that environment that allows women to feel confident in asking questions that may not be perceived as right or wrong but being able to get the information they need to make appropriate decisions, and really choose the path forward for capital to support their business.
Question#4: What tips would you offer to lenders who are looking to support a woman entrepreneur during her journey?I typically say to be open, be curious, and ask lots of questions. Create an environment where an open flow of communication can happen. Dig a little deeper, don’t just stop at the top of the questions and answers where the basic information for an application is filled in. You might be missing out on pertinent information that could give you details on that five-year growth plan. They might need to be setting things in place now to achieve that and it might not be something that is readily shared. The being curious piece is really important to me. Not quite the same type of advice but I also say, “Make sure you nod.” When you are sitting across from a women entrepreneur, if you nod, then they know that you are listening and that you’ve heard them. This is a very simple action that can be done to acknowledge that you have received the information and that you have heard the client.
Krystal Van Westerop is a member of the Leading Lenders’ National Advisory Committee. We invite you to learn more about Krystal by visiting her page on our website.
The Leading Lenders’ team had the pleasure of interviewing Krystal Van Westerop, National Manager, Women in Enterprise at TD Bank. Krystal is passionate about her role, where she leads the Women’s segment of Business Banking at TD and she works to grow the footprint of TD’s women-banking-accredited Champions across Canada. (A written version of the interview is also available below.)
Question #1: In your opinion, what is a leading lender?In my opinion, a leading lender is someone who acknowledges the unconscious biases and the systemic barriers that women entrepreneurs can face when seeking a relationship with a financial institution. It is also, leveraging the knowledge and tools available through this program, and others, to help enhance the experience of women business owners—and enable their journey for growth and take women’s businesses to the next level.
Question #2: What inspires you about the Leading Lenders project?What really inspired me was the fact that our two strategies align in terms of both wanting to help educate bankers and help to enhance and affect change at that relationship level for clients. Whether that is with TD Bank or other financial institutions, our main goal here is really to affect change at that relationship level and provide a better experience for women when they come in to seek that relationship with a financial institution. We know that can be a challenge and really that is the basis of it for me.
Question #3: In your experience, what are the most significant barriers women entrepreneurs face when trying to access business financing?I think there are a number of barriers, but ultimately it comes down to two important things for me: one of them being trust on the banker’s side—as to create that trusting environment where the client feels that they can open up and ask questions and really dig into what the needs are for their business; and the other being confidence. There are many times we have heard stories from our clients about situations of not necessarily feeling confident in asking questions. So, I often say to our clients and our bankers to make sure that they are providing that environment that allows women to feel confident in asking questions that may not be perceived as right or wrong but being able to get the information they need to make appropriate decisions, and really choose the path forward for capital to support their business.
Question#4: What tips would you offer to lenders who are looking to support a woman entrepreneur during her journey?I typically say to be open, be curious, and ask lots of questions. Create an environment where an open flow of communication can happen. Dig a little deeper, don’t just stop at the top of the questions and answers where the basic information for an application is filled in. You might be missing out on pertinent information that could give you details on that five-year growth plan. They might need to be setting things in place now to achieve that and it might not be something that is readily shared. The being curious piece is really important to me. Not quite the same type of advice but I also say, “Make sure you nod.” When you are sitting across from a women entrepreneur, if you nod, then they know that you are listening and that you’ve heard them. This is a very simple action that can be done to acknowledge that you have received the information and that you have heard the client.
Krystal Van Westerop is a member of the Leading Lenders’ National Advisory Committee. We invite you to learn more about Krystal by visiting her page on our website.
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