Local Economy

As a community credit union we understand the power of local dollars. Our members’ deposits turn into member loans, so that more wealth gets invested, shared and spent in our communities. It’s called the local multiplier. And it creates strong businesses, communities and economies.

The power of the local $ multiplier

  • BC independent retailers and restaurants produce more jobs and spend more on wages than chain competitors with equal revenue.1
  • BC independent retailers and restaurants recirculated 2.6 times as much revenue in the local economy as chain competitors.2
  • If we shifted just 1% of our household spending to local businesses, we could create $600 million in economic activity.3
  • View the 'How Local Businesses Keep Our Communities Strong' infographic

Get involved

You can join the local movement by…

  • Spending and investing locally
  • Volunteering locally
  • Donating locally
  • And of course, banking locally!

We’re already doing it

As a local cooperative we look for ways to use all our resources, people and capital to strengthen member wealth and well-being. We strive to…

  • Invest locally using tailored products, services and solutions in a number of community focused, impact conscious organizations. In 2014 we approved $257 million in financing to not-for-profits, cooperatives, First Nation governments, labour organizations and mission based for-profits. It represented one third of all commercial and business loans that year. Read our stories of impact.
  • Advocate and educate locally (and beyond) on economic , environmental and social issues
  • Partner locally with like-minded organizations like LOCO BC’s #BCBuyLocal campaign, Boards of Trade, Business Improvement Associations and ClimateSmart.
  • Procure locally, purchasing from some local businesses and sourcing suppliers who demonstrate leadership in sustainable practices.
  • Employ locally and pay a Living Wage to ensure our employees have a good standard of living. We’re also beginning to work with our suppliers, helping them explore how to do the same.
  • Grant locally to members and the community through mission based and community grants. In 2014 we shared $16.4 million, 30 percent of net earnings from operations.

 

1-2 Independent BC: Small Business and the British Columbia Economy. Prepared for CUPE-BC, analyzing market trends
and impacts of the independent retail and restaurant sector in British Columbia.
3 BC Stats. 2012. Economic Statistics Report. Accessed November 12, 2012 from
http://www.bcstats.gov.bc.ca/Publications/PeriodicalsReleases.aspx. Calculation is based on 2011 retail spending in BC, assuming a 10% shift of the total.
 
We are a living wage employer