CALGARY, Alberta — Most small businesses, about 25%, need to borrow money, Kevin Zakus told the delegates at the WOCCU Conference. He is vice president of business banking for Vancity Credit Union, Canada's largest credit union.
Most small businesses need four products: a business account, line of credit, online banking and ATM access.
What most small businesses want is that their credit union understands their business, needs and goals and a strong relationship that gives them right expertise and even tailored solutions at the right time consistently.
Recommended For You
Fast turn around times and a simple lending process are high on the list of wants, Zakus said.
At Vancity new business loans may be up to $50,000 while mature businesses borrow up to $3 million, but what a credit union can really help these businessmen with is advice on how to improve efficiencies and save money. Sometimes the advice comes one-on-one or other times through seminars hosted or sponsored by the credit union.
Vancity creates peer-lending groups where those starting small businesses with almost nothing but their dreams and ideas work together. One such group included an artist who made scarves, another who made salsa, a baker of wedding cakes and a photographer.
Vancity has received recognition from Muhammad Yunos, Nobel Peace Prize Winner for his micro finance work, who said: "I congratulate Vancity in Canada for providing access to microcredit loans for low income entrepreneurs and new Canadians who have challenges…with access to financial services. The Vancity Microcredit Toolkit will help expand microcredit in North America and allow organizations to use microcredit to empower their clients, create livelihoods and alleviate poverty from below."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
