Saskatoon, Saskatchewan — Western Economic Diversification
Canada (WD) is renewing its commitment to the Saskatoon Credit Union’s
Micro Loan Program for another four years.
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
Director of Communications
Office of the Minister of National Revenue and Minister of Western Economic Diversification
Tel: (613) 995-2960 Jean Collins
Communications Officer
Western Economic Diversification Canada
Saskatoon, SK
Tel: (306) 975-5965
Martin Chicilo
Community Development Manager
Saskatoon Credit Union
Saskatoon, Saskatchewan
Tel: 306-934-4052
WD Toll-Free Number:
1 888 338-WEST (9378)
Web Site: WD is online at
www.wd-deo.gc.ca.
