When a new bank launched in Canada in 2017 with a commitment to enabling social, economic and environmental change, it gave the financial landscape a much-needed and appreciated shakeup. And it’s not hard to see why.
On today’s podcast we speak with Jake Stacey of Vancity Community Investment Bank (VCIB). As Canada’s first values-driven bank, VCIB – a subsidiary of Vancouver City Savings Credit Union (Vancity) – partners with purpose-driven organizations, providing them with financial solutions to help them meet their mission and foster change. The bank’s first focus is on lending for social purpose real estate (affordable housing, co-op housing, co-working spaces, green and heritage buildings), as well as meeting the deposit needs of not-for-profit organizations, foundations and endowments
In our conversation, Jake explains how VCIB differs from traditional financial institutions and what inspired their commitment to issues like housing affordability and climate change. She shares how that commitment led to the acquisition of CoPower, Canada’s first sustainable investment platform, and how it underlies their long-term vision for a sustainable, inclusive future, driven by shared values and community.
Support during COVID-19
We conducted the podcast interview before COVID-19 upended our lives. Since that conversation, VCIB has demonstrated its commitment to community in important ways. For example, it partnered with community foundations in Ontario to help them deliver rapid-response support during the pandemic. The funds are designed to help community organizations delivering essential services like food, shelter and healthcare to vulnerable populations.
VCIB also introduced a Unity Guaranteed Investment Certificate (Unity GIC) offering a 1-year investment at 3.00%. The GIC provides relief and support to organizations impacted by COVID-19 with a stable, fixed-rate investment vehicle that delivers both financial and community benefit.
Listen to Jake’s story here. Learn. Enjoy. Share.