As early as 1900 when North America’s first credit union opened in Lévis, Quebec, the idea of lending to people on the basis of their character – not the assets they generally didn’t have to begin with – was revolutionary. It was, in many ways, among the first examples of social finance: the provision of capital at fair rates to local people who would otherwise be unable to access it.

While the landscape and accessibility to financial services has changed considerably in 100 years, today’s credit unions continue to promote financial inclusion and literacy, as well as provide leadership in modern social finance. 

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Recently on SocialFinance.ca, Timothy Nash offered a tip for those considering shifting their money to help build a more sustainable economy. At the top of his list? “Join a credit union,” he said. We’re not going to argue with that kind of advice. Indeed, the recent economic crisis has caused a lot of people in Canada and around the world to give credit unions a second, or even a first look.

As Nash alludes to in his article, what’s attractive for those concerned about sustainability is that credit unions are co-operatives, mission-driven to improve the quality of life of their members and their local communities. That’s kinda nice to hear isn’t it? But the really good news is that credit unions are continuously improving their social, environmental and economic performance.

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