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For Release
October 12, 2006
Canada's New Government Invests in Micro Loan Program for Entrepreneurs
Saskatoon, Saskatchewan — Western Economic Diversification Canada (WD) is renewing its commitment to the Saskatoon Credit Union’s Micro Loan Program for another four years.
Pictured (left to right): David Chmarney, Manager - Main Branch, Saskatoon
Credit Union; Minister Carol Skelton, Western Economic Diversification; Dennis
Hagel, owner, Riveriene Farm/Urban Carnivore; George Keter, CEO, Saskatoon
Credit Union
WD is providing $160,000 toward an $800,000 fund that will make small loans available to eligible Saskatchewan entrepreneurs who do not qualify for regular business loans.
“Canada’s New Government has invested $160,000 in a program which will help new businesses get off to a strong start and, ultimately, lead to an even stronger and more prosperous Saskatoon,” said Carol Skelton, Minister of National Revenue and Western Economic Diversification. “This government is committed to developing an environment that encourages economic growth and we are honouring that commitment with this investment.”
“Saskatoon Credit Union was first to enter into a unique partnership with WD to create the Micro Loan program for our community”, commented George Keter, CEO Saskatoon Credit Union. “Our long lasting partnership with WD reflects our commitment to work with partners who wish to foster community economic development.”
Eligible entrepreneurs with good business ideas who are not able to obtain financing from traditional lenders can apply for self-reliant loans from the Saskatoon Credit Union for up to $35,000. The loans will have five-year maximum terms and will be focused on Saskatoon and area businesses.
Today’s announcement builds on a five-year partnership between the Saskatoon Credit Union and Western Economic Diversification Canada. In March 1999 they joined forces to create the $1.5 million Saskatoon Credit Union Micro Loan Program, which provided improved access to financing for small and start-up businesses. During its five years, the previous Micro Loan program provided 75 loans totalling more than $1.3 million. These loans created an estimated 160 new jobs in the Saskatoon area.
Saskatoon Credit Union is Saskatoon’s largest locally owned financial co-operative. As a leader in social responsibility, Saskatoon Credit Union (an Imagine® company) has been recognized with local and national awards for their innovative financing and community economic development programs.
With over $800 million in administered assets, 7 branches, a commercial services
division, an auto and agricultural dealer division, a mortgage brokerage and
a local TeleService Centre, Saskatoon Credit Union provides a full range of
financial solutions to more than 45,000 members. Almost $8 million has been
returned to member-owners in an equity program.
Beginning January 1st, 2007, Saskatoon Credit Union will become FirstSask Credit
Union through a merger partnership with Langham and Shellbrook Credit Union.
For additional information, contact:
| Mike Winterburn Jean Collins |
Martin Chicilo |
WD Toll-Free Number:
1 888 338-WEST (9378) |