Good lending means merging good sense with dollars and cents

"When it came to financing the whole deal, I first approached the banks and it was just not possible to get the deal we required from them. If Vancity wasn’t community-minded, this deal wouldn’t have happened.” – Roland Gagel, BCIT Student Association Controller

Lending money isn’t just about dollars and cents. Vancity’s philosophy around lending has a lot to do with the impact the money it handles on behalf of its members will have in the community.

This philosophy helped the BCIT Student Association land a $2 million loan from Vancity to expand its space on the school’s Burnaby campus. Vancity noted that although the association does not own land, it does have strong cash flow and a reputation for sound business.

The association has used the loan to open a daycare for BCIT students and staff, and is creating extra meeting rooms and study space for students.

“I really like the community awareness Vancity has; it fits philosophically with the student association’s goal to build a student community at BCIT,” said Roland. “When I am talking about building communities and engaging students, it is not that far off from Vancity’s idea of building community and engaging members.”