Credit union deposits $150K into local charities
With support from its members, Interior Savings has given a $150,000 financial boost to non-profit organizations across the Thompson, Okanagan and Nicola regions
The credit union launched its
Community Relief Fund last month to help local non-profit organizations manage the extraordinary expenses they are facing due to the COVID-19 pandemic.
It began as a $100,000 commitment paired with an invitation to credit union members to top it up by investing in a Community Impact Term Deposit.
For every dollar invested, Interior Savings promised to add another 2% to the fund, up to $50,000.
With overwhelming support from its members, the fund quickly grew to $150,000.
“We’re not surprised that our members embraced the opportunity to lend a hand in our communities”, said CEO Kathy Conway.
“It’s a critical time for our local non-profits. Our members’ support allows more money to be invested in our communities to help address the substantial pressure non-profits are facing as they modify their operations to serve those in need.”
According to Conway, “In the nearly 100 funding applications we received, two predominant themes emerged: a spike in requests for food assistance and a large gap in access to technology.”
Across the board, non-profits have had to increase their spending on protective equipment and sanitation supplies.
Additionally, many have responded to as much as a 50% increase in requests for food assistance by spending more on food, packaging and delivery to people’s place of residency.
Others have had to purchase laptops, tablets and zoom subscriptions to continue safely supporting those who are struggling with or recovering from health challenges, trauma, abuse or family conflict.
To help with all that, 45 non-profit organizations from Clearwater to Osoyoos received grants from the Community
Relief Fund ranging from $1,500 to $7,000.
In the South Okanagan, grants were awarded to Desert Valley Hospice Society, Desert Sun Counselling and Resource Centre Society, and to the South Okanagan Similkameen Brain Injury Society.