A message from Vancity
Vancity knows that COVID-19 is hurting the businesses that we serve and love. More than half of Canadian companies saw their revenue drop by more than 20% in the first wave of the pandemic and nearly three quarters of businesses are being negatively affected by physical distancing measures.
As a BC-based business we understand the impact local businesses have on the economy and the community. We know that locally owned businesses recirculate 64% of their revenue back into the local economy, whereas multinational corporations only recirculate 14%. We also know that simply shifting 10% of consumer spending to the local economy would result in $4.3 billion staying in the BC economy and the creation of nearly 14,150 additional jobs. In these unprecedented times, supporting the local economy has never been more important and Vancity is committed to helping small businesses overcome these challenges.
Vancity is proud to partner with Think Local First on Support Local BC. Our goal is to generate cash flow, connect local businesses and encourage community members to purchase locally. To find out more ways that Vancity can serve your business needs, please visit our website. For personal support resources, please visit our CommUNITY Centre.
Vancity is a values-based financial co-operative serving the needs of its more than 543,000 member-owners and their communities in the Coast Salish and Kwakwaka'wakw territories, with 60 branches in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay. As Canada’s largest community credit union, with $28.2 billion in assets under administration, Vancity mobilizes its assets to improve the financial well-being of its members while developing healthy communities that are socially, economically and environmentally sustainable. By lending and investing in the real economy, Vancity is able to multiply the power of its members deposits and support organizations and initiatives that contribute to a thriving local economy.