Community Savings Credit Union launches Union Business Support Loan to 'fill the gap' in CEBA program for union organizations impacted by COVID-19
May 28, 2020
Community Savings today launched the Union Business Support Loan for BC union organizations that have been financially impacted by the Covid-19 pandemic. Loans of up to $40,000 are available to support union organizations whose members have faced job site closures and unprecedented layoffs.
The Federal Government launched the Canada Emergency Business Account (CEBA), which provides interest-free loans of up to $40,000 to small businesses and not-for-profits. Unfortunately, most union organizations are excluded. Community Savings recognizes that union organizations play a vital role in advocating for workers' rights, work safety and, most importantly, that strong union leadership is required more than ever during this pandemic. CSCU has decided not to let financial hardship curtail the important work union organizations achieve.
Mike Schilling, CSCU's President and CEO, says: "As the unions' credit union, Community Savings has had a very clear mandate throughout this crisis – supporting workers and our member unions who protect and promote their rights. We are proud to have been able to fulfill our founding purpose at this time, to look at our community, not our bottom line and to be part of a labour movement which has proven to be the backbone of our society."
The Union Business Support Loan will be offered to BC Union organizations who meet the criteria for urgent financial support. The loan will remain interest-free until December 31, 2022, and requires no minimum monthly principal payments until December 31, 2022. Similar to the CEBA loan, if not repaid by December 31, 2022, the loan will be extended to December 31, 2025, at 5% interest. As the primary financial partner for 100+ union organizations, CSCU is committed to assisting the BC Labour movement to ensure it plays a significant role in helping restart the BC economy.
The Union Business Support Loan is part of several financial support initiatives that CSCU has created to help members, business members, and union organizations in these challenging times. On March 17, 2020, CSCU was the first financial institution to launch an interest free $2500 line of credit. Since 2006, CSCU has offered loan deferrals to its membership. This long standing program includes mortgages and other loans. CSCU is also active in supporting its small business Members through the Canada Emergency Business Account's $40,000 interest free loan.
For union organizations interested in the Union Business Support Loan, please contact:
About Community Savings
Community Savings Credit Union is BC's largest fully unionized credit union and is dedicated to being the credit union of choice within the working community. At Community Savings Credit Union, we are known for providing exceptional service to each member, and our passion lies in empowering our members to achieve their financial goals. Being member owned and operated, Community Savings invests in our communities by supporting local charities and non-profit organizations to help create stronger and more vibrant communities.