CanadianSME sat down with Martha Durdin, President and CEO of the Canadian Credit Union Association (CCUA), earlier this year to talk about the leadership techniques she applies when it comes to leading CCUA and what’s her current take on the state of entrepreneurship in Canada. She also shared the kind of programs offered by CCUA for empowering and assisting women entrepreneurs and how she is working hard to create an even playing field. She also told us about the strategic ways taken by CCUA in promoting female entrepreneurs of today and tomorrow, along with some beautiful pieces of advice to the companies supporting and empowering women-led small and mid-sized businesses across Canada. Together, we explore Martha’s role in empowering and backing women entrepreneurs of today and tomorrow.
Martha Durdin is currently the President and CEO of the Canadian Credit Union Association (CCUA).
She is a seasoned executive with extensive experience in management, public affairs and advocacy. Previously, she was the Managing Principal of a leading national strategic public affairs firm and spent thirteen years as an executive at a large Canadian bank. Early in her career, Martha worked on Parliament Hill.
Martha volunteers her time for a number of community organizations. Among them, she served three terms as the Chair of the Ontario Arts Council and is the immediate past Chair of the Royal Ontario Museum Board of Trustees. She is also a Director of The Canadian Club of Toronto.
Martha represents CCUA on the boards of The World Council of Credit Unions (WOCCU) and Co-operatives & Mutuals Canada (CMC) and is a member of the National Steering Committee for Financial Literacy. Martha is a recipient of the Queen’s Diamond Jubilee Medal.
Ms. Durdin is bilingual; holds a BA (Hon) from Western University, an MSc from the London School of Economics, and an ICD.D from the Institute of Corporate Directors at the Rotman School of Management.
What are your thoughts on the current state of entrepreneurship in Canada? Why do you think it is important to support young businesses?
Entrepreneurship is more important now than ever. If we want to grow the Canadian economy, we need to support and create more opportunities for new businesses and entrepreneurs. With the rising number of millennials embarking on entrepreneurial pursuits, and the growing need for capital to finance their ventures, we need to support the future leaders of tomorrow. As of 2021, Canada’s credit unions have supported over 374,363 small businesses. For example, in Ontario, the Libro Prosperity Fund focuses on increasing employment and improving the financial capacity and resilience of people, businesses, and organizations. Young entrepreneurs may do business differently than the generations before them, but the passion that drives them is universal and we need to support that.
Credit unions are supporting female entrepreneurs, where only 2.3% of them were granted venture capital funding in 2020. Can you please share your views in this regard?
Today, women are building innovative companies across a variety of sectors. However, while financial institutions have communicated their commitment to opening doors for female entrepreneurs and fostering inclusivity, we need the dollars to be put to work. Credit unions look at a person’s or company’s whole financial picture, not just current circumstances, which can help secure the financing entrepreneurs need. Credit unions can also offer greater flexibility, which can lead to quicker and more personalized loan decision-making.
What do you have to say about the set of programs that the Canadian Credit Union offers such as Cultivator and Conexus Venture Capital Inc., CCUA’s National Mentorship Program, Micro-Lending Program and Unity Women Entrepreneurs Program for empowering and supporting women?
Advocating for women in business is a critical part of our cooperative values. By providing programs that support women, we can help them overcome systemic barriers and increase the representation of female voices both in and out of the boardroom. Ultimately, it’s important to offer programs that empower and support the advancement of women to ensure we continue to work towards creating an even playing field for all.
Martha Durdin – Creating a Vibrant Future for Canadian Women Entrepreneurs Share on XWhat are the strategic ways through which credit unions can use to support and empower female entrepreneurs?
Credit unions support and empower female entrepreneurs through unique initiatives which cater to the specific communities they represent. Since its inception in 2019, Cultivator and Conexus Venture Capital Inc. have supported 29 female-founded start-ups, and Conexus Venture Capital has invested in six companies with a female founder. Another example is the CCUA’s National Mentorship Program, a program that offers a women-focused stream to provide female employees and directors with additional support from industry leaders to take that next step in their professional careers. Cape Breton Credit Union and Sydney Credit Union offer Micro-Lending programs to help female entrepreneurs fund their business ventures. In Vancouver, there is the Unity Women Entrepreneurs Program by Vancity credit union, which offers loans to support women entrepreneurs.
What is your advice to the companies willing to empower and support female-owned small and medium businesses?
From running their households to a successful business, women can do it all. While great strides have been made to support the strategic business ambitions of women, there is more work to do. For female entrepreneurs, lack of access to information and financing options has made the road to success a tough one. I would encourage companies to offer more funding and training opportunities targeted at women to help them gain the confidence and resources to take their businesses to the next level.
