Want to Make an Impact? Bank with a Credit Union!
Submitted by Mike Donachie, Communications Manager, Libro Credit Union
When was the last time you took a moment to pause and to consider your impact on the world?
Knowing a little about this audience, I think it’s likely you’ve done that at some point. People involved in co-operatives talk about values a great deal, and are usually the people to ask if you want a heart-warming answer to such questions.
But when was the last time you really paused for thought? When did you last make a change that means your impact became better, softer, more positive? And was it easy? It can be.
That’s where we want people to start when they consider banking with a credit union. It actually is banking — credit unions are full-service financial institutions who really are in the banking business — but, unlike the big banks, Canada’s credit unions aren’t in it just for the money.
I work for Libro Credit Union, the biggest credit union in southwestern Ontario. Libro is more than just a banking institution. It’s a democracy, run on co-operative principles that give every customer a vote. It’s a certified B Corp that’s independently measured on its impact on society, the environment, employees and more. As with all B Corps, we are pledged to use our business as a force for good.
About 108,000 people and businesses bank with us, and we call them Owners because every one of them owns a share of the company. Yes, we make a profit, but we make a profit with the clear goal to grow prosperity in everyone around us, and that includes all the customers who are also automatically our shareholders.
It’s all about impact. One of the philosophies we follow is: everyone who comes into contact with Libro should be better off as a result. That starts with Owners and continues through communities, businesses and individuals across our service area, in which we have 36 locations and a wide range of digital services you can access anywhere.
Why make a positive impact? Because it’s the right thing to do. All of our profits stay local, going back into the company, to Owners in payouts such as dividends, to partners in the community who are also making an impact, and more. And we know this is the right thing to do because we have co-operative principles as our foundation. We’re in touch with the people in the communities that have been our roots since the first group of people got around a kitchen table in 1943 with an idea that would one day become part of Libro.
So, how does this affect you? It’s this: we often hear positive comments on how Libro is truly making a difference in our communities, always considering our purpose beyond profit and our focus areas of housing, financial resilience, local food accessibility and employment. And we know that, if more organizations and individuals did their banking with Libro, we could have an even bigger impact in these areas.
The work we can do depends on the business we’re growing. That’s where you come in. Just imagine what we can do together. I want you to know your money can make an impact if you bank with a credit union.
With all the change in the world around us, there has never been a better time to make decisions for the right reasons. When was the last time you took a moment to pause and consider your impact on the world? Now, please consider banking with a credit union, instead of a big bank, and consider how that can change your life. By the way, credit unions were also voted best for customer service in banking no fewer than 16 years in a row! When people move to Libro and realize they will be treated as people, not as numbers, they often wish they’d done it sooner.
If you want to know more, please visit us at libro.ca or talk to anyone who works for a credit union. We love talking about this — and we would love to welcome you.
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