Why Does Social Finance Matter to Credit Unions?

Vancity’s Resilient Capital Program is featured in a SocialFinance.ca blog post about why social finance matters to credit unions. Extract now follows.

June 15, 2012 - As early as 1900 when North America’s first credit union opened in Lévis, Quebec, the idea of lending to people on the basis of their character – not the assets they generally didn’t have to begin with – was revolutionary. It was, in many ways, among the first examples of social finance: the provision of capital at fair rates to local people who would otherwise be unable to access it.

Often, capital was needed by small business owners and entrepreneurs in the community to start or expand their businesses, a practice that had great impact on the health and strength of their communities.

Vancity’s Community Investment Strategy

Described as a “marriage between meaning and money,” British Columbia’s Vancity credit union and the Vancouver Foundation’s Resilient Capital partnership is an excellent example of a credit union directing resources to achieve a social and environmental impact in the communities that it serves.

Learn more about Vancity's Resilient Capital Program and how we invest in social enterprise and social venture.

Article courtesy of SocialFinance.ca. Read the full article.