Conversations That Matter: The power of innovative financing
The story of VanCity from its establishment in 1946
By Stuart McNish • Special To The Sun
Last updated 12 hours ago
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“VanCity was born of a need to fill a market gap in finance,” says Wellington Holbrook, the CEO of the VanCity credit union.
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“People working in trades and others that fell outside of traditional financing requirements needed support. The pioneers at VanCity recognized a need to be innovative and find models that delivered non-traditional lending.”
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Conversations That Matter: The power of innovative financing Back to video
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It was established in 1946 when 14 Vancouver residents signed a charter to establish a credit union to address the needs of working-class people who struggled to secure funding.
“At the time, if you lived or operated your business east of Cambie Street, you were denied funding by many institutions. This created a gap in the market and those 14 visionaries filled it”, says Holbrook.
“It was ingenious. They created an open bond credit union where anyone could join regardless of workplace, trade, religion or ethnic background.”
Since 1946, membership in the credit union has grown to 588,000. Today, the credit union continues to innovate and invent new ways to meet the financial needs of its members.
Holbrook joined a Conversation That Matters about innovative and entrepreneurial thinking that delivers for the marginalized and anyone else who chooses to be a part of the power of collective financing. See the video at vancouversun.com/tag/conversations-that-matter.
Learn More about our guest’s career at careersthatmatter.ca
Join us Sept. 22 for Conversations Live, artificial intelligence and cybersecurity.
