communities where members do not have access to affordable housing. One example of this is Kindred Credit Union, which has made strides in helping their members work towards attaining affordable housing. The credit union partnered with Waterloo Region Community Foundation (WRCF) to pilot an Affordable Housing GIC and Loan. This GIC allows depositors to invest their money knowing the funds are matched with a lending solution for long-term and permanent affordable housing. Assiniboine Credit Union’s (ACU) has also proved that homeownership can be attainable. Its partnership with the Manitoba Real Estate Association (MREA) and local leaders through the Manitoba Tipi Mitawa (MTM) homeownership program has helped 25 First Nations families in buying their first homes and experiencing financial stability. BUILDING A BETTER FUTURE FOR ALL CANADIANS Credi t unions ’ suppor t extends beyond homeownership, helping all community members access resources that enable them to achieve their goals. With small businesses accounting for 98% of all businesses in Canada, only half of these businesses have made it more than five years due to lack of capital. Credit unions have helped small and medium-sized business owners cross these obstacles and have thus been regarded for being among the largest lenders to small and mediumsized businesses in Canada. Northern Credit Union is one of many Canadian credit unions to have implemented programs that have helped small business owners get started. Its program, Small Business Rocks Line of Credit, helps small businesses just starting out borrow up to $75,000 and access their account anywhere and at any time. The commitment of all credit unions to help small businesses doesn’t go unnoticed. A recent study conducted by the Canadian Federation of Independent Business (CFIB) surveyed over 11,000 small businesses across the country on their satisfaction with their financial institutions within 26 CIVIL AND MUNICIPAL VOLUME 05, ISSUE 07
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