Vancouver credit union Vancity has been awarded the National Credit Union Community Economic Development Award for its support of innovative social enterprises and mission-based businesses.
The award, granted by Credit Union Central of Canada at a conference in Ottawa yesterday, was given to Vancity in recognition of its Resilient Capital Program, which has provided $4 million financing to 11 organizations working on social and environmental challenges.
“The financing we’ve provided to a broad range of social enterprises has increased by more than 150% [since the program’s launch in 2011],” said Vancity president and CEO Tamara Vrooman.
“We have many examples demonstrating that by supporting social enterprises with a proven business model, it definitely adds to the social, economic and environmental well-being of our communities.”
The Resilient Capital Program was established by Vancity and the Vancouver Foundation with the support of the provincial government. It is intended to bridge the funding gap between grants and conventional financing experienced by social and mission-based enterprises.
