2010 National Credit Union Innovation Award
FirstOntario Credit Union / Hamilton, ON
Facing plant closures and sky-rocketing unemployment in their community,
FirstOntario Credit Union reacted by launching the Community Assistance Program
(CAP) in March, 2009. An initiative of all staff members and branch employees,
CAP exemplifies the fact that FirstOntario believes in treating its members with
kindness and respect. This innovative program consists of a consultative
approach to delivering customized financial services, non-financial resources
and support networks for members who have been laid-off or are unemployed.
This “all-in-one” solution includes:
1. a Financial
Services package – waiving fees for a period of time, reducing loan/mortgage
rates, payment skipping and preferential investment offering;
2. Budget management;
3. Connection to local
resources – job searching, retraining opportunities, career counseling and
business start-up advice;
4. FirstOntario
seminars – writing resumes, interviewing skills; and
5. A network of social
assistance through Lifeworks.com
Since inception, 152 FirstOntario members have taken advantage of CAP.
These members have over $270,000 in their chequing accounts, have consolidated
and refinanced over $736,000 in loans and consolidate or refinanced a total
$4.37 million in mortgages. In addition, CAP has allowed the credit union to
build brand awareness in the communities served, garnering television and radio
coverage.
CAP differentiates FirstOntario Credit Union from its competitors by
providing members with a practical solution that brings together financial
relief and social assistance. This innovative focus is being used to build a
Corporate Social Responsibility strategy.