It began as a $100,000 commitment paired with an invitation to credit union members to top it up by investing in a Community Impact Term Deposit. For every dollar invested, the Credit Union promised to add another 2% to the fund, up to $50,000. With overwhelming support from its members, the Fund quickly grew to $150,000.
“We’re not surprised that our members embraced the opportunity to lend a hand in our communities”, said Kathy Conway, CEO of Interior Savings. “It’s a critical time for our local non-profits. Our members’ support allows more money to be invested in our communities to help address the substantial pressure non-profits are facing as they modify their operations to serve those in need.”
According to Conway, “In the nearly one-hundred funding applications we received, two predominant themes emerged: a spike in requests for food assistance and a large gap in access to technology.”
Across the board, non-profits have had to increase their spending on protective equipment and sanitation supplies. In addition, many have responded to as much as a 50% increase in requests for food assistance by spending more on food, packaging, and delivery to people’s homes. While others have had to purchase laptops, tablets and zoom subscriptions to continue safely supporting those who are struggling with or recovering from health challenges, trauma, abuse or family conflict. In many cases, non-profits have launched technology lending programs to ensure everyone in their community has a way to stay connected to their support networks.
In total, forty-five non-profit organizations from Clearwater to Osoyoos received grants ranging in size from $1500 to $7000. A list of all recipients can be found on Interior Savings’ Local Matters blog.
About Interior Savings
Interior Savings is a member-owned, democratically-controlled credit union dedicated to creating local money while helping to build vibrant communities. Through its 21 branches, 16 insurance offices, Member Service Centre, and two Commercial Services Centres, the Credit Union offers personal and commercial banking and a full range of insurance and wealth management services to more than 70,000 members across 14 communities. In the last 16 years, Interior Savings has returned over $60 million to members through its Member Rewards Program and invested more than $8 million in support of community programs.
For more information, please contact:
Manager, Community Engagement