As credit union members know, there’s a certain satisfaction that comes with knowing where your money is, where it’s going and what it’s doing. We always say that your money is part of something bigger at a credit union – that’s because credit unions’ profits stay in Alberta to benefit the people and communities they were built to serve. Here are some of the ways that Alberta credit unions contributed to their communities in 2020, from our newly released impact report.
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Member Impact
Most credit unions are open to anyone, you don’t have to be part of a special group. Becoming a member is as simple as opening an account and purchasing common shares for a small one-time fee. Here are some ways our members benefitted last year:
- $80 million shared with members across Alberta
- 16 years winning Customer Service Excellence at IPSOS Financial Service Awards
- $610 million in Canada Emergency Business Account (CEBA) loans administered
- $22.5 million in Highly Affected Sectors Credit Availability Program (HASCAP) loans administered
- Mortgage and loan deferrals to help with financial challenges as a result of COVID-19
- $13 billion supporting Albertans in home ownership through residential lending
- $7.5 billion supporting businesses through commercial lending
- $1.35 billion supporting Alberta’s agriculture and agri-food industry through agriculture and other lending
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Community Impact
We’re in your neighbourhood. With nearly 200 branches throughout urban and rural Alberta, you can bet there’s a credit union near you. Here’s how communities with credit unions have benefitted last year:
- $2.59 million given in sponsorships
- $1.39 million given in charitable donations
- $116,000 given in donations-in-kind
- $94,000 given in scholarships and bursaries
- 3,371 people employed by credit unions in Alberta
- 20,708 volunteer hours contributed by credit union employees
Financial Literacy
Alberta’s credit unions are driven by their purpose to shape member financial fitness and provide financial services based in financial literacy, prudent spending, balanced budgets and building wealth over time.
Through the Each One Teach One program, credit union employees learn to teach financial literacy to their community. Financial basics are delivered in plain language — in schools, church basements, community centres or online — meeting people where they are when they need information. In 2020, credit unions delivered 17 financial literacy sessions to 319 Albertans.
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