The COVID-19 pandemic has created financial, social, and emotional challenges for many in our communities, including non-profit organizations that help those in need, so Interior Savings is stepping up to lend them a helping hand.
According to Kathy Conway, CEO of Interior Savings, many of the non-profits the Credit Union works with are now finding themselves called upon to fill an increased need for food and basic essentials, even as donations of food, supplies, and money are dwindling. They are also spending more on sanitization and cleaning supplies and personal protective equipment, and are having to invest in new technology to serve their clients or to help their clients stay connected to support networks.
“Our local non-profits need our help,” says Conway. “At a time when requests for service are increasing, many are seeing donations decline while costs keep mounting.”
In response to this urgent need, Interior Savings is pledging up to $150,000 to help non-profits adapt their operations to continue providing essential services. This support will be delivered through a number of measures, the most significant of which is a $100,000 Community Relief Fund.
From May 1 to May 30, non-profits in the area served by Interior Savings can apply to the fund for assistance with extraordinary expenses they are facing due to COVID-19. Grants will be in the range of $2,000 to $7,000 per organization.
At the same time, the Credit Union has introduced a new Community Impact Term Deposit as a way to top-up its relief fund. Members who invest in this one-year term will receive a two per cent return on their investment, and Interior Savings will add a matching two per cent to its Community Relief Fund, up to another $50,000, for a potential total of $150,000.
“As a cooperative organization, we know that we can do even more when we work together,” says Conway. “With an attractive rate, our new term deposit will help our members financially while also allowing them to leverage their investment to assist with local relief efforts.”
The Credit Union has also pledged its support to a variety of other community relief efforts, including programs led by the United Way, as well as a unique mentorship program that will help non-profits build leadership, financial, and operational resiliency to adapt not only to today’s challenges, but also to a future that could look quite different.
Learn more about the Community Relief Fund and Community Impact Term Deposit at www.interiorsavings.com.