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Credit unions unite to create fund for cooperatives

Assiniboine Credit Union, Vancity, The Co-operators and the Canadian Worker Co-operative Federation have joined forces to launch a new national investment fund to help establish new cooperatives across Canada.

The group has so far pledged $6 million to the fund, shooting for a total at launch of between $20 million and $40 million, which will pay out a projected four to five per cent return to contributing credit unions. The goal of the initiative is to overcome the funding apprehensiveness exhibited by commercial banks.

The fund is set to launch this summer, and project manager Kim Andres believes it “will be an important vehicle that cooperatives can leverage to grow and expand their contributions to communities across Canada.” ◊