Vancity has created special loan products to assist Syrian refugees settle into their new lives in British Columbia, the credit union announced today.
The credit union has created a refugee travel loan to help newcomers cover the cost of their journey to Canada. The Canadian government currently requires government-sponsored refugees to pay for their travel to Canada in the form of a loan, which refugees must then repay with interest. Vancity’s loan will be interest-free and will allow refugees to buy out the federal government loan.
Read: Local businesses mobilize to help incoming wave of Syrians fleeing conflict
B.C. will accept 1,900 Syrian refugees as part of a nation-wide plan to take in 25,000 people fleeing war in Syria by the end of February.
The credit union is also offering an interest-free, seven-year loan of up to $50,000 for B.C. residents who want to rent a suite or a room to a refugee, intended to help homeowners upgrade or create rental accommodations. It's estimated 1,500 units of housing will be needed to be found in B.C., mostly in the Lower Mainland where rents are high and housing supply is tight.
According to an analysis done by the credit union, the incoming influx of Syrian refugees will boost B.C.’s economy by $563 million over the next 20 years.
Read: Is B.C. a "desirable economic destination" for Syrian refugees?
In an interview with Business in Vancouver last week, Linda Morris, vice-president of business development, said the credit union has a long history of helping refugees set up their first bank accounts. Vancity is usually able to provide financial education in the newcomers’ first language by drawing on the credit union’s diverse staff, Morris said.
@jenstden
