SOURCE: Canadian Credit Union Association

Canadian Credit Union Association

March 09, 2017 13:02 ET

Canadian credit union system responds to announcement issued by Canada's banks and insurance companies on new growth fund

TORONTO, ON--(Marketwired - March 09, 2017) - This morning, Canada's large banks and insurance companies issued a statement regarding a Canadian Business Growth Fund which will allow them to increase their investment in the small-and-medium sized (SME) business sector. The federal government has welcomed this initiative.

The Canadian Credit Union Association (CCUA) welcomes industry and government efforts to grow the SME sector in Canada. Canada's credit unions have a long standing, deep commitment to supporting small business in Canada.

Collectively Canada's credit unions and caisses populaires are responsible for 18.5 percent of lending to the SME sector -- a share as large as any of the big banks (CFIB).

In addition, small business owners rank credit unions well above all other financial institutions when it comes to serving the financial needs of their businesses (CFIB). And, credit unions and caisses populaires are the second largest lenders to entrepreneurs through the federal government's Canada Small Business Financing Program.

CCUA and the credit union system are considering the new fund in terms of opportunities for credit unions and how the system may respond to any competitive challenges. CCUA looks forward to working with the government and other industry stakeholders in their efforts to advance the small and medium-sized business sector in Canada.

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About Canadian Credit Union Association (CCUA)

Canadian Credit Union Association is the national trade association for Canada's credit unions and caisses populaires outside Quebec. These financial institutions offer a full-range of retail banking services to almost 5.6 million Canadians. Collectively Canada's 281 credit unions generate over $6.5 billion in economic impact, are leaders in small business lending, and have assets of over $202.5 billion.

Contact Information

  • CCUA media contact:
    Janet Gibson Eichner
    Senior Manager, National Media & Communications
    Tel: (416) 232-3458