4.1 Overview and Summary
Credit unions offer a range of banking and investment services. They are cooperatively owned by members (customers) and governed by a volunteer Board of Directors. As cooperatives, credit unions are committed to upholding the seven principles of cooperatives. Canada has a strong credit union history, particularly in the Maritime Provinces, Quebec, and British Columbia. Credit unions usually serve members within a smaller geographic area. In Ontario, more than 1.7 million Ontario residents are members of a credit union. Credit unions in Ontario are regulated by the Financial Services Commission of Ontario, in accordance with the provincial government's Credit Unions and Caisses Populaires Act.
Credit Unions can be categorized in two groups: open bond and closed bond institutions. Open bond credit unions have open membership – all are welcome. Examples of these are Your Neighbourhood Credit Union and Libro Financial. Closed bond credit unions have members with other commonalities such as religion, vocation, or cultural heritage. In Waterloo Region, some small credit unions are closed bond, such as the St. Stanislaus-St. Casimir's Polish Parishes Credit Union Ltd.
Two additional local credit unions have histories of being closed bond institutions, and both have opened up their membership significantly. The Education Credit Union was originally set up to service teachers and their families, but has since become open to all. Until recently at the Mennonite Savings and Credit Union, individuals were required to be active members of a Mennonite church. Since May 2010, individuals are eligible to join if they agree to sign the credit union’s shared statement of convictions, regardless of how they personally express those values.
Credit unions that offer specific financial inclusion programs are:
- Kindred Credit Union
- Libro Financial
4.2 Programs
4.2.1 Kindred Credit Union
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Program |
Member Assistance Services: Special Needs Plan |
Since: >45 years ago |
# Served in 2011: Not available |
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Funded: Donations (matching deposits) and the Mennonite Foundation Mutual Aid Endowment Fund |
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Program Description |
“The Special Needs Plan provides our members with the opportunity to both offer and access financial assistance in times of need. This plan offers temporary relief in the form of loans at reduced interest to eligible Kindred members when they experience financial hardship or distress |
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Seek to Serve |
- Low Wage Individuals - Lowest Income Individuals - Life Change |
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Capacity to Serve |
Case by case basis |
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Eligibility |
Members in financial distress on a case by case basis |
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Languages |
English |
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Locations |
Kindred Credit Union 50 Kent Avenue Kitchener, ON N2G 3R1
53 Bridgeport Road East Waterloo, ON N2J 2J7 |
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Contact Information |
Frank Chisholm 519.746.1010 ext 5211 |
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Information Last Updated |
May 2018 |
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4.2.2 Libro Financial
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Program |
Waterloo Region Immigrant Loan Program |
Since: 2008 |
# Served in 2011: 12 |
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Funded: Employment Ontario |
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Program Description |
The Waterloo Region Immigrant Loan Program is offered by Libro Financial Group in partnership with The Working Centre and Waterloo Region Immigrant Employment Network. The aim of this program is to give skilled immigrants access to funds for training or certification assessments needed to qualify for employment in their fields.
Eligible participants can borrow up to $5,000 and may choose to pay interest only during the training period. |
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Seek to Serve |
- Life Change (immigrants) |
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Capacity to Serve |
Case by case basis |
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Eligibility |
Immigrants. Individuals must meet program criteria including:
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Languages |
English |
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Locations |
Libro Financial 420 Erb St. W., Waterloo, ON N2L 6H6 (519) 725-6060
The Working Centre 58 Queen Street South Kitchener, ON N2G 1V6 |
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Contact Information |
Julie at The Working Centre: (519) 743-1151 ext. 161 |
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Information Last Updated |
March 2012 |
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