BCBusiness

S p e c i a l F e a t u r e SMALL BUSINESS ACCOUNT 1 2 3 4 5 6 Switch now for a $200 cash bonus — plus, get 6 months FREE*! Visit your nearest branch 604 517 0100 | wscu.com *Some conditions apply. Visit wscu.com/smallbusiness for details. Business banking tailored to you with custom pricing and a dedicated business banking expert. approximately 317 credit unions exist in Canada, operating 1,740 branches with about $180 billion in assets. They are also a strong contributor to provincial economies. "In B.C., 42 diŠerent credit unions employ about 17,000 people," says Don Coulter, chief executive oŽcer for Coast Capital Savings. Coast Capital, one of B.C.'s oldest credit unions that is currently celebrat- ing its 75th anniversary, was formed in an amalgamation of three of the province's largest organizations: Paci•c Coast Savings, Surrey Metro Savings and Richmond Savings. It is the coun- try's biggest credit union by member- ship (522,000 members). Maury Kask, senior vice president, consumer operations, for Westminster Savings, notes that "many consumers believe credit unions simply can't handle their •nancial needs as they become increasingly complex. However, at Westminster Savings we have the full scope of business and consumer products and services that anyone may require. Plus, we are part of the credit union system, which gives our customers access to over 3,200 ATMs across Canada." › Special attention is paid to customer service. "Our success is driven by our employees," says Kask. "In fact, when recruiting new staŠ, we speci•cally look for people who have the right disposition, service approach, business acumen and love solving problems." Coulter points out that the rela- tive small size of credit unions makes them nimble. "As well as enabling us to better respond to member needs, this nimbleness inspires innovation," he says. Credit unions pioneered lending money to women in their own names; they also created variable rate mort- gages and introduced Internet home banking. "Coast Capital Savings can take credit for a few innovations too: we were the •rst •nancial institution to oŠer free chequing, in 2005," Coulter adds. But it's no secret that credit unions, despite Ottawa granting them the abil- ity to go national and compete with other •nancial institutions in 2012, are engaged in a perpetual battle against banks to win the trust of the Canadian public. On that score, the Credit Union Central of Canada has been lobbying for a capital growth tax credit that would help level the playing •eld. The Credit Union Advantage So, why choose a credit union instead of a bank? Members invariably point to lower mortgage rates and higher interest rates, in addition to a higher level of personalized service. They also have a reputation for being closer to their small-business customers. "We have 36,000 small-business accounts and a small-business banking team that handles everything from cash management and lending to deposit taking and foreign exchange," explains Coulter. Small business at Coast Capital is linked to the institution's philosophy of building communities (which it does by giving seven per cent of its pre-tax pro•ts annually to its communities). "For example, through our Venture Connection partnership with Simon Fraser University, •ve start-up businesses are selected yearly, and we support them with space to work and advice to help them develop their entrepreneurial skills," says Coulter. A similar partnership exists with the University of British Columbia. Small business services at Westminster Savings are growing. "We've earned a strong reputation in our 70-year history and have carved out a strength in business bank- ing and commercial lending, but we also understand the crucial importance of small business to our local economy," says Kask. Westminster Savings, which was the •rst

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