Prime Minister Justin Trudeau announced the establishment of the Canada Emergency Business Account (CEBA) on March 27.
Dave Chan / AFP via Getty Images
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CLOSE TO HALF A BILLION DOLLARS IN CEBA LOANS FLOWED THROUGH MANITOBA CREDIT UNIONS TO SMALL BUSINESS MEMBERS BETWEEN APRIL AND DECEMBER.Since their inception, credit unions have supported small businesses through loans powered by member deposits — inspiring new businesses to grow, existing ones to flourish, and generating local economic activity for the benefit of all.
The COVID-19 pandemic placed a world of new stresses and uncertainties on small businesses. From the early days in March, when many had to shutter their doors — temporarily, they hoped — to the Code Red restrictions of late 2020, challenges continued to mount for small business owners. |
In line with their co-operative principles and core values, Manitoba credit unions and employees went the extra mile to support business members that were struggling in the shifting conditions. They helped business members connect to government relief measures and provided support and guidance tailored to each member’s unique circumstance.
The Canadian Emergency Business Account (CEBA) was announced by the federal government in March (and put into action in April) providing interest-free, partially forgivable loans, to small businesses that experienced diminished revenues due to COVID-19. Credit unions worked in partnership with the government to ensure the program could be delivered effectively to their business members. Once the program was established, credit unions proactively reached out to business members to help them understand program eligibility requirements and navigate the application process.
Once the program was established, credit unions proactively reached out to business members to help them understand program eligibility requirements and navigate the application process.
Between April and December 2020, approximately $500,000,000 was provided to small business members through CEBA loans that flowed through Manitoba credit unions. Eligibility and application requirements for the program were adjusted numerous times after it was launched. Credit unions supported many business owners to understand the requirements and move through the government’s application process.
The Canadian Emergency Business Account (CEBA) was announced by the federal government in March (and put into action in April) providing interest-free, partially forgivable loans, to small businesses that experienced diminished revenues due to COVID-19. Credit unions worked in partnership with the government to ensure the program could be delivered effectively to their business members. Once the program was established, credit unions proactively reached out to business members to help them understand program eligibility requirements and navigate the application process.
Once the program was established, credit unions proactively reached out to business members to help them understand program eligibility requirements and navigate the application process.
Between April and December 2020, approximately $500,000,000 was provided to small business members through CEBA loans that flowed through Manitoba credit unions. Eligibility and application requirements for the program were adjusted numerous times after it was launched. Credit unions supported many business owners to understand the requirements and move through the government’s application process.
"THE MEMBER NEEDS HELP SO YOU DO IT. IT'S CREDIT UNION CULTURE."
Soon after the federal government launched the program, Sam Moskwa, Operations Administrator at Assiniboine Credit Union, overheard a member talking to a member service representative about their business and how they wanted to apply for CEBA.
“The member was unsure of how to navigate the online application,” says Moskwa. “I thought, ‘let’s try, maybe I can help.’”
Moskwa stopped what she was doing and worked directly with the member on the application. Realizing the critical importance of this loan to the member, she provided her direct phone number and promised she would watch their application closely, updating them with any information as it became available.
“It’s just what you do, you know? The member needs help, so you do it. It’s credit union culture.”
Fusion Credit Union’s Invest for Good campaign went a long way to support local businesses during the pandemic.
Each member who made an eligible term deposit received a gift card for a local business.
“We spent over $18,000 on gift cards from local businesses,” says Leanne DeVliegere, COO for Fusion Credit Union. “We were clear that local ownership had to be a qualifier for the gift cards to ensure we helped businesses in our communities.”
The initiative was a ‘win-win’ situation. Members received their choice of local gift card, and local businesses were supported during an incredibly difficult time.
In November, public health orders placed new restrictions on in-person shopping. Many small businesses struggled to shift to an online or curbside model and market their continued availability. Two Manitoba credit unions responded by helping local businesses to stay visible to their customers.
Sunrise Credit Union and Carpathia Credit Union each helped businesses adapt by creating online spaces where users could find lists of local businesses they could support through the pandemic, by purchasing goods or services online or over the phone.
“The member was unsure of how to navigate the online application,” says Moskwa. “I thought, ‘let’s try, maybe I can help.’”
Moskwa stopped what she was doing and worked directly with the member on the application. Realizing the critical importance of this loan to the member, she provided her direct phone number and promised she would watch their application closely, updating them with any information as it became available.
“It’s just what you do, you know? The member needs help, so you do it. It’s credit union culture.”
Fusion Credit Union’s Invest for Good campaign went a long way to support local businesses during the pandemic.
Each member who made an eligible term deposit received a gift card for a local business.
“We spent over $18,000 on gift cards from local businesses,” says Leanne DeVliegere, COO for Fusion Credit Union. “We were clear that local ownership had to be a qualifier for the gift cards to ensure we helped businesses in our communities.”
The initiative was a ‘win-win’ situation. Members received their choice of local gift card, and local businesses were supported during an incredibly difficult time.
In November, public health orders placed new restrictions on in-person shopping. Many small businesses struggled to shift to an online or curbside model and market their continued availability. Two Manitoba credit unions responded by helping local businesses to stay visible to their customers.
Sunrise Credit Union and Carpathia Credit Union each helped businesses adapt by creating online spaces where users could find lists of local businesses they could support through the pandemic, by purchasing goods or services online or over the phone.
Sunrise Credit Union’s GoShopLocal website and Carpathia Credit Union’s online directory make it easier for members to find and support local businesses.
Sunrise built a separate website, goshoplocal.ca, accessible to all members of the public. Any local business can submit detailed information about their products or services, where they can be found online, and any other contact info. Users go to the website, click on the listings link, and are met with 13 pages of local businesses.
“It's an effort to drive awareness of all the products and services that our small businesses provide, outside of the large companies that we’re all familiar with,” says Sunrise Credit Union President and CEO Tim Klassen.
Carpathia added a section to their website for business members to advertise their services, which were promoted over Carpathia’s digital platforms.
“Our Shop Local directory has been a fun team initiative,” says Carpathia CEO Nick Rawluk. “It’s a great way to help promote our member businesses, encourage all our members to support each other, and also remind our members that using a credit union as their financial institution is another a way to shop local and keep more of their hard-earned dollars in their community!”
“It's an effort to drive awareness of all the products and services that our small businesses provide, outside of the large companies that we’re all familiar with,” says Sunrise Credit Union President and CEO Tim Klassen.
Carpathia added a section to their website for business members to advertise their services, which were promoted over Carpathia’s digital platforms.
“Our Shop Local directory has been a fun team initiative,” says Carpathia CEO Nick Rawluk. “It’s a great way to help promote our member businesses, encourage all our members to support each other, and also remind our members that using a credit union as their financial institution is another a way to shop local and keep more of their hard-earned dollars in their community!”
CREDIT UNIONS' SUPPORT FOR SMALL BUSINESS IS A NATURAL EXTENSION OF THEIR CO-OPERATIVE VALUES.
Casera Credit Union CEO Brent Thomas is also the Chair of the Transcona Business Improvement Zone (BIZ). During the holiday season, the BIZ board made a concerted effort to encourage the community to shop locally and try to support as many local businesses as they can.
“The credit union also supported some of these companies. Instead of going to some of the big box stores, we’d go to Downtown Transcona to purchase whatever we needed,” says Thomas.
As we move through the pandemic, Manitoba credit unions will continue their work in their communities, supporting small businesses and helping them through hard times so they can once more flourish. In line with their co-operative values, Manitoba credit unions’ willingness and ability to aid local economies comes naturally, and the lifelines of those economies are the small businesses they support.
“The credit union also supported some of these companies. Instead of going to some of the big box stores, we’d go to Downtown Transcona to purchase whatever we needed,” says Thomas.
As we move through the pandemic, Manitoba credit unions will continue their work in their communities, supporting small businesses and helping them through hard times so they can once more flourish. In line with their co-operative values, Manitoba credit unions’ willingness and ability to aid local economies comes naturally, and the lifelines of those economies are the small businesses they support.