East Coast Credit Union Wins National Award for Community Economic Development
ANTIGONISH, NS, May 14, 2019 /CNW/ - For the 2nd year in a row, East Coast Credit Union is a recipient of the Canadian Credit Union Association National Award. On May 7th, 2019, we were presented with the National Community Economic Development Award for our role in the Michelin Development Fund program. This award recognizes and honours the outstanding contributions credit unions make that enable action by people locally to create economic opportunities and better social conditions, particularly for those who are most disadvantaged. Through this award, the Canadian Credit Union Association's Board of Directors acknowledges the leadership role East Coast Credit Union has played in inspiring others to shape promising futures within their communities.
In 2014 Michelin Canada announced that the company would be reducing its workforce at the local plant in Nova Scotia by approximately 50% or 1000 employees and would put a development fund in place to support the four communities affected by the loss. The local Chamber of Commerce and Municipal government recommended East Coast Credit Union to Michelin as the partner of choice due to its reputation for support of community economic development. East Coast CU was eager to become involved and immediately offered services to support this important community initiative.
The Michelin Development Fund program involved three community partners, East Coast Credit Union, Community Business Development Corporation (CBDC) and Michelin Development (Canada), coming together with a focus on creating employment in the impacted communities by providing funding that otherwise may not have been available. East Coast Credit Union has a history of participating in various community initiatives and used their established reputation in economic development and networks in the communities they serve to bring together these key partners to develop and build the plan.
"Our credit union was happy to jump on board to support the prospect of growing local businesses and creating employment in the communities that were impacted and donated two million dollars to the fund," says Ken Shea, President and CEO. East Coast Credit Unions commitment to the partnership extended beyond the financing as it was also responsible for processing the loan, meeting with the member, administering the loan and tracking the progress of the business. "The credit union movement was founded on the principal of people helping people, neighbours helping neighbours, and this is as true today as it was 150 years ago. We have been delighted to participate in helping people in the communities that we serve and to participate in a program that is spurring the economic engines of Pictou, Antigonish, Guysborough, Inverness and Richmond Counties," says Ken Shea.
The goal of the program was to create 250 jobs in a 4-year period. The program was officially completed in December 2018 and it created 314 new jobs in the area at 92 different businesses. "We are honoured to be recognized on the National level for our commitment to Corporate Social Responsibility through the management and delivery of the Michelin Development Fund program," says Sally Van de Wiel, Vice President of Operations. "This project speaks to how East Coast Credit Union's is well positioned in our respective communities to play a unique role in community economic development."
Find out more about East Coast Credit Unions Community Economic Development below:
Community Economic Development Award Video
About East Coast Credit Union
East Coast Credit Union is a dynamic, full service, financial co-operative using a member-first approach to partner with individual and business members to achieve financial success. East Coast Credit Union is the largest credit union in Atlantic Canada with approximately $770 million in assets and serving over 41,700 members from a branch network reaching from Cape Breton to Halifax, giving you more access when and where you need it. They have grown to become a stronger credit union that is focused on investing in your communities, providing competitive products and new services and building relationships with your unique financial needs in mind. Providing convenient and flexible banking options means their members can do their banking any way, anywhere! They are proud to be a part of the credit union system that has been ranked first in customer service excellence out of all financial institutions for 12 years in a row. East Coast Credit Union is locally owned by their members. They are committed to supporting the communities they live and work in through not only financial support but also countless volunteer hours.
SOURCE East Coast Credit Union
East Coast Credit Union Media Contact: Ken Shea, President and CEO, 902-464-7110, [email protected]; Trudy Wells, Senior Manager, Marketing & Communications, 902.464.7111, [email protected]
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