Credit Where Credit is Due: Supporting Growth in Ontario’s Credit Union Industry

    We recently provided the Government of Ontario with a submission as part of its review of the Credit Unions and Caisse Populaires Act.

    This submission highlights the important economic and social roles that credit unions play in Ontario. It also outlines three key steps that the Government of Ontario can take to further growth in the credit union industry.

    Credit Unions are a critical part of Ontario\’s strong financial services industry. Ontario’s credit unions provide financial services to almost 1.6 million Ontarians, hold over $40 billion in assets, and employ approximately 6,000 people, 86 percent of whom are outside the GTA. The sector has close to $35 billion in loans outstanding, including $3 billion in personal loans, $20 billion in residential mortgage loans, $10 billion in commercial and institutional loans, and $1.5 billion in agricultural loans.

    In this submission, we also highlight the many ways that Credit Unions are delivering on their commitment to community-building in Ontario.

    We believe that a stronger credit union industry will support SME growth, provide greater access to capital for businesses in rural and smaller communities, and strengthen Ontario’s economy.

    Credit Where Credit is Due: Supporting Growth in Ontario\'s Credit Union Industry

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