Empowering Entrepreneurs and Business Owners: Alterna Savings’ Innovative and Inclusive Financial Solutions

Empowering Entrepreneurs and Business Owners: Alterna Savings’ Innovative and Inclusive Financial Solutions

For 115 years, Alterna Savings (Alterna) has been a leader in the Canadian Cooperative Banking landscape.  Ranked among Canada’s top 10 credit unions, Alterna is not just a financial institution; it’s a member-owned cooperative with an unshakeable commitment to its 217,000 members.  Operating across a network of 43 branches across Ontario, with a call centre, and robust digital platform, Alterna has become synonymous with accessible, reliable, and community-focused banking.

A Holistic Financial Institution 

Alterna’s commitment to its members goes beyond profits; it’s about delivering good, caring, and transparent advice and financial services.  They aim to help members set and achieve their financial goals while reinvesting profits into member services and local communities.  Together, with like-minded organizations and their members, Alterna strives to make a positive collective impact, promoting community economic development and ensuring that their profits serve a higher purpose.

Breaking Barriers, Creating Opportunities: Community Microfinance at Alterna

One of Alterna’s most remarkable initiatives is the industry leading Community Microfinance Program.  This program focuses on addressing socio-economic inequity by providing opportunities for financial independence and helps to dismantle barriers to banking for marginalized individuals.

Thanks to Alterna’s strong community connections and partnerships with local organizations, they can identify and work with individuals who can benefit most from the program.  

The Community Microfinance Program targets underserved individuals and organizations, including low-income individuals, self-employed individuals, business start-ups, new Canadians, and individuals transitioning into the workforce.  

Within this program, Alterna offers various types of loans, each designed to address specific challenges: 

  • Income Builder Loan: Bridging the income gap for low-income individuals and the working poor through self-employment.

  • Success Accelerator Professional Development Loan: Supporting new Canadians and individuals entering the workforce by providing funds for training, exams, licensing, or essential tools.

  • Skilled Professionals and Trades Loan: Empowering self-employed entrepreneurs with the resources to purchase tools, equipment, or market their services.

  • Social Impact Entrepreneurship Loan: Backing both for-profit and nonprofit initiatives that use business strategies to create positive change.

  • Working Women Business Loan: Supporting women entrepreneurs seeking self-employment for greater job flexibility.

Alterna’s Community Microfinance Program partnerships are built on shared goals and a commitment to community development, enabling strategic resource pooling to reach diverse communities.  Together, their collaborative objective is to empower members to become self-sufficient, self-empowered business owners who contribute to economic growth.

Supporting Entrepreneurs and Business Owners at Every Stage

Beyond its pioneering Community Microfinance Program, Alterna offers a diverse range of products and services tailored to support small and medium-sized businesses throughout their lifecycle.  Drawing on their wealth of experience, they provide professional advice for for-profit and nonprofit organizations. Their product offerings span business accounts and payment processing to commercial mortgages, all underpinned by a steadfast commitment to their members’ well-being.

Innovative and inclusive, Alterna Savings stands as a testament to the power of financial institutions to drive positive change in the lives of individuals and communities. Through their unwavering dedication to empowering entrepreneurs and business owners, they are not just delivering financial services; they are delivering the future of finance – one that’s inclusive, sustainable and community-centric.

To learn more about Alterna visit us at alterna.ca or contact our Community Microfinance team at [email protected]

Alterna Savings & Credit Union Limited operates as Alterna Savings.  Alterna Savings is a credit union operating in Ontario.  For information on deposit insurance, please ask for a brochure at the credit union or visit the FSRA’s website at www.fsrao.ca.

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