To our valued members,
Under the direction of our provincial authority, our communities are taking the first tentative steps forward into economic recovery. While we all recognize this summer will be far from ‘normal’, it is encouraging to be able to get out into the community a bit more to visit with friends and family and to support our local businesses. Of course, how smooth and how long this road to recovery is will depend on all of us. We must take it slowly and continue practicing good hygiene and 6-foot social distancing.
At Interior Savings, we are planning to reopen our branches to walk-in traffic soon. In preparation, we are getting all the necessary protective equipment and protocols in place to ensure the wellbeing of members and employees and to meet WorkSafeBC standards. Watch for an update in the next week or two on our planned approach to safely re-opening. In the meantime, we’re here and ready to support you by phone, email, ATM, online banking and, as needed, are happy to book an in person appointment at a time that works for you.
In my last update, I introduced a special Community Impact Term Deposit. From May 1st to May 30th, members could invest to receive a 2% return while Interior Savings committed a matching 2% to top up our Community Relief Fund, adding up to an additional $50,000 to the Fund. The response from members was overwhelming and I’m happy to say, with your support, we will be awarding a full $150,000 in grants to help local non-profits adapt to this pandemic. We have already awarded a first wave of grants and will be announcing more next week. Non-profits can apply for funding until May 31st.
To all our members, I would like to again express our gratitude for your support and your patience as we work through this pandemic together. We recognize many still face reduced employment and many local businesses are hurting. To date, Interior Savings has deferred over 1,100 loans and mortgages for members. We have loosened our bursary criteria and awarded $1,000 bursaries to 618 students and given another 161 students an extension. We have approved many loan deferrals to business members and processed over $20 million in emergency funding through the Federal Government’s Canadian Emergency Business Account.
For those who joined us at our virtual Annual General Meeting a few weeks ago, you will have seen our 2019 Annual Report and heard me share that our Credit Union remains in a strong position to weather this pandemic and to help our members and communities do the same.
Watch for another update soon on our re-opening plans. Until then, continue to take care of yourself and your loved ones. And remember, we are here to help you on this journey.
Thank you and stay well,
President & CEO