Talent and grit are our competitive advantages in Greater Victoria. Find out how Vancity harnesses this drive to create profit for a purpose.
Vancity is Canada’s largest community credit union, and an organization that prides itself on doing business a little differently, like sharing 30% of each year’s net profits with members and communities.
With a mandate of driving real change for people and planet, Vancity serves more than 569,000 member-owners and their communities in the Coast Salish and Kwakwaka’wakw territories, with 52 branches in Metro Vancouver, the Fraser Valley, and Squamish, as well as Alert Bay and Victoria.
A member of SIPP since 2018, Vancity is a Catalyst Sponsor of our annual Rising Economy conference and is a founding funding partner for the Indigenous Prosperity Centre.
Vancity’s Director of Indigenous Banking Strategy, Michelle Laviolette, tells us about the credit union’s commitment to its members, the South Island region and SIPP’s Indigenous Prosperity Centre.
Q+A with Vancity’s Director of Indigenous Banking Strategy, Michelle Laviolette
What approach or innovation sets your organization apart in today’s economic landscape?
Vancity is Canada’s largest community-based credit union, with a 75+ year legacy of serving British Columbians. We’re proud to have supported hundreds of thousands of individuals in building their financial futures while making a tangible positive impact on our communities.
The sharp increase in the cost of living over the past few years has made day-to-day life difficult for an increasing number of people. Our members’ well-being is our priority, and we support our members in building their financial resilience. Whether it’s offering personalized advice on budgeting or facilitating daily banking, we support our members.
Our initiatives extend beyond conventional banking services. One example is our Wealth Mindset program, which is tailored specifically for Indigenous communities. Participants learn how to build their wealth through basic budgeting and money management skills, plus they hear directly from Elders about their financial journeys and how they’ve helped their communities. This workshop not only teaches financial knowledge, but also fosters a sense of empowerment and self-reliance among participants.
What motivated your organization to join South Island Prosperity Partnership? How does this align with your vision for impact?
Vancity joined SIPP in 2018 because we found significant alignment between Vancity and SIPP’s commitment to economic growth with a social lens. We were looking to enhance our support for the region, and through SIPP we were able to develop important connections with local residents, businesses and community organizations, municipalities, and the Indigenous communities that call the South Island region home.
Vancity is proud to be a founding partner and supporter of SIPP’s Indigenous Prosperity Centre (IPC). We’re working together to build a stronger local economy that opens opportunities for Indigenous peoples in the region.
In light of current global challenges, what strategies do you believe are essential for cultivating thriving businesses for Greater Victoria?
Just as small businesses are the backbone of the Canadian economy, a thriving local business community is essential for a region’s prosperity. We need to support people in bringing their ideas to life and create spaces that bring new and experienced entrepreneurs together, so they can learn from each other. Businesses also need ongoing support to foster growth.
Getting back to basics, we believe that a thriving business starts with a solid financial footing. Our business account managers here in Victoria can help with that. Every business is different, so we work with business members to understand their situation and bring banking solutions to the table.
We offer financing that allows a growing business to take advantage of opportunities in the local market and beyond, plus there is a loan program for new and growing entrepreneurs.
With global competition for talent and investment intensifying, what unique advantages does Greater Victoria offer to stand out?
Talent and grit. The people of this region want to see their community thrive, and the culture here is a competitive advantage.
Economic Reconciliation will move the entire region forward. We’re seeing amazing momentum at the Indigenous Prosperity Centre as they showcase the potential that is already present in the local Indigenous business community and facilitate new opportunities.
SIPP hosts the Rising Economy conference each year. It’s always an inspirational event that highlights our local talent. For example, Ravenstone Construction is providing jobs, skills development and apprenticeship opportunities, filling a market need and building trades capacity across the region. Brandigenous and COYA Productions have created culturally relevant businesses that amplify the voices of Indigenous communities by blending technology and tradition. These are just a few examples of the region’s distinct strengths in the market.
Looking at the hurdles facing our region, which challenge is your organization most dedicated to addressing?
We use our products, services and expertise to help our members take charge of their finances and build their futures. Beyond traditional banking services, we’re committed to making a difference in our communities, including the Greater Victoria region. We support and partner with organizations that promote financial inclusion, affordable housing, climate action, and Reconciliation.
Here are some examples:
Synergy Enterprises helps organizations measure their environmental impact and take climate action. Some of our Vancity business members are kickstarting their climate action journey in partnership with Synergy. Others have earned BC Green Business certification; 12 Indigenous-owned businesses benefitted from a bursary program that made the certification free-of-cost.
Scale Collaborative offers consulting and coaching to help not-for-profits and social enterprises to become more enterprising, resilient, and impactful. When impact-driven organizations thrive, their communities benefit. Vancity member organizations may be eligible for a bursary to enroll in Scales’ virtual Thriving Non-Profits program, so it’s worth checking out.
We know that housing affordability is a key issue in the region, as it is in many communities across BC and Canada, and this is an area where Vancity puts a lot of focus. A pre-development loan from the Vancity Affordable Community Housing program and grant funding helped with the development of Mount Douglas Manor, a Saanich housing development for lower-income seniors.
Vancity is also paying attention to the intersection of housing and climate action. To support climate ready housing, for example, Vancity piloted a multi-year retrofit program with four nations, including the Tsawout First Nation just north of Victoria.
We focus our energy on financial inclusion, affordable housing, climate action, and economic Reconciliation with our Indigenous communities. These priorities are not an after-thought—they are embedded throughout our business.
Michelle Laviolette, Vancity’s Director of Indigenous Banking Strategy,
What upcoming initiatives or projects within your organization are you most enthusiastic about for impacting the economy?
We continue to be really excited about our partnership with the IPC and its innovative plans for fostering Indigenous success. The trio of businesses I mentioned earlier, along with nearly a hundred others, are now showcased on the new South Island Indigenous Business Directory. This resource is just one example of how the IPC is spotlighting the incredible talent within the Greater Victoria region.
Why does Vancity strive to make an impact beyond banking?
Vancity is a financial co-operative, which means that serving our members and communities is our reason for being. We truly believe banking needs to work for more people. We provide banking services that make people’s lives easier. We also offer advice that takes the worry out of finances because, really, we just want our members to feel good about their financial situation.
When we’re successful, both our members and our communities benefit. We focus our energy on financial inclusion, affordable housing, climate action, and economic Reconciliation with our Indigenous communities. These priorities are not an after-thought—they are embedded throughout our business.
Learn more about Vancity’s work to support people and planet at rethink.vancity.com.
