In the modern era, where people (especially in urban areas) have a choice of product/service providers, the rationale to be a member and keep an existing co-op going can sometimes be murky for members and potential members. Co-operatives need to be able to articulate why people should be a member of their co-op when they have a choice of businesses that can meet their needs.
This blog post will look at some of the reasons why members (and future members!) might choose to be part of a co-operative, some of the challenges that having competition creates for co-ops, and why it’s a great idea to be a member of and support a co-op, even if you can get your product/service elsewhere.
This may help you, dear co-operative-loving reader, to answer that question that sometimes comes up: “Why should I support a co-op, when Company X provides the same service/product – sometimes at a cheaper price?”
Innovation Credit Union’s purpose is to redefine banking by helping Canadians simplify their lives and reach their financial goals. Read on to learn how modern technology, commitment to community and even the United Nations have combined to modernize member benefits and the way that Innovation does business.
*GUEST POST* by Heather Hale.
This past Monday evening I had the honour of hosting the Saskatchewan Co-operative Merit Awards ceremony. These awards highlight the amazing contributions that people involved in co-operatives and credit unions make to our province. It was a delight to celebrate the accomplishments of the recipients in the company of friends and colleagues. It also gave me an opportunity to “talk co-ops” which has been sorely lacking in my world over the last while.
More than three years ago Affinity Credit Union officially launched the Restart Loan – a unique, made-in-Saskatchewan lending product that has both social and financial benefits.
Traditional payday loans often attract clientele with interest rates that appear affordable – for example 17% over a two-week period. When calculated on an annual basis, however, the interest rate can become a staggering 442%. The Restart Loan was designed to assist those who are struggling with unexpected expenses or emergencies and are vulnerable to getting trapped in the payday loan debt cycle.