According to Kathy Conway, CEO of Interior Savings, many of the non-profits the Credit Union works with are now finding themselves called upon to fill an increased need for food and basic essentials; to spend more on sanitization supplies and personal protective equipment; and to invest in new technology to serve their clients or to help their clients stay connected to support networks.
"Our local non-profits need our help,” said Conway. “At a time when requests for service are increasing, many are seeing donations decline while costs keep mounting.”
In response to this urgent need, Interior Savings is pledging $150,000 to help non-profits adapt their operations to continue providing essential services. This support will be delivered through a number of measures, the most significant of which is a $100,000 Community Relief Fund.
From May 1st to May 30th, non-profits can apply to the Credit Union’s Community Relief Fund for assistance with extraordinary expenses they are facing due to COVID-19. Grants will be in the range of $2,000 to $7,000.
At the same time, the Credit Union has introduced a new Community Impact Term Deposit as a way to top-up its relief fund. Members who invest in this one-year term will receive a 2% return on their investment and Interior Savings will add a matching 2% to its Community Relief Fund, up to another $50,000, for a potential total of $150,000.“
As a cooperative organization, we know that we can do even more when we work together,” says Conway. “With an attractive rate, our new term deposit will help our members financially while also allowing them to leverage their investment to assist with local relief efforts.”
The Credit Union has also pledged its support to a variety of other community relief efforts including programs lead by the United Way as well as a unique mentorship program that will help non-profits build leadership, financial and operational resiliency to adapt not only to today’s challenges, but also to a future that could look quite different.
Learn more about the Community Relief Fund and Community Impact Term Deposit.
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 15 years, Interior Savings has returned over $50 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