Long-term vision needed to address changing B.C. economy

Vancity business plan proposes new approaches to help individuals and small business

February 23, 2016, Vancouver, B.C. — British Columbians are losing access to the primary mechanism for wealth creation — home ownership — and the stability and social cohesion it provides over their lifetimes, according to Vancity’s 2020 strategic plan released today.

The credit union’s business plan, which covers the next five years, offers long-term solutions to the real issues facing members and communities. In developing the plan, Vancity asked questions such as, “Given the pace of change, what does the future of sustainable economic growth look like?”

Emerging and future requirements of the economy are diverse and challenging, including the need to:

• address the growing income gap and out-of-reach home ownership
• assist Millennials, who face an economic reality fundamentally different from previous generations and
• help small businesses to thrive with alternative, innovative business models.

As a leading values-based, economic and policy authority, Vancity takes a bold view on how best to respond to economic considerations that impact and influence not just its members’ lives, but the lives of others, on a local, national or global scale.

This is the third year Vancity has made its business plan public in order to spur dialogue and innovation among organizations — whether public, private or not-for-profit - that contribute to society’s well-being.

Quote

“In this plan we are embracing what makes us different, drawing inspiration from our founders who understood the strength of the co-operative model to create a more inclusive, resilient society.” Tamara Vrooman, president and CEO of Vancity

Additional information

About Vancity

Vancity is a values-based financial co-operative serving the needs of its more than 509,000 member-owners and their communities through 59 branches in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay. As Canada’s largest community credit union, Vancity uses its $18.6 billion in assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.

Tweet us @vancity and connect with us on facebook.com/vancity.

For more information:

Lorraine Wilson | Vancity
T: 778-837-0394
mediarelations@vancity.com