Credit union launches northern recovery initiative

The following announcement was issued today by Sault Ste. Marie-based Northern Credit Union.

The new "financial planning centre" will be a service offered at all Northern Credit Union branches.

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Northern Credit Union launches financial planning centre to support Northern Ontario communities

SAULT STE. MARIE - (October 8) - Among the hardest hit by the recession are those making their living in single-industry communities and, according to Northern Credit Union, they will face even more hurdles as the economy begins to recover.

On October 15, Northern Credit Union will host a seminar on the importance of developing a financial management plan to navigate the upturn including a keynote speaker who will address how to invest in a recovering economy.

The event will mark the official opening of their new Financial Planning Centre that will service many of the affected communities.

Experts believe the recovery will be slow.

Job losses continue nationwide with 500,000 more Canadians unemployed this past Labour Day than one year prior.

The impact on Northern Ontario is no different.

Northern communities historically have been vulnerable to economic change because they are dependant on single industries such as steel, forestry, mining and tourism.

The Financial Planning Centre will assist this demographic, including Jean Paul Aube from Timmins.

“I purchased my first business, a hotel, when I was 25. Times were difficult and challenging and I was in a constant state of stress,” said Aube. “But failure was not an option. You can’t walk away because you’ve put everything on the table- money and hard work. So you cut expenses, increase sales and find creative ways to stand out from the competition.”

The Financial Planning Centre will be geared to individual and small business needs and offer services such as debt counselling, budget advice, and income management.

“These are tough times for people who, not too long before, may have been living care-free financially,” said Al Suraci, CEO of Northern Credit Union. “What people need now is to learn how to live a financially balanced lifestyle.”

Managing debt, paying down mortgages and developing family budgets are priorities the centre will help its credit union Members consider.

Northern Credit Union has encouraged its members to talk to a financial advisor about short and long-term planning.

The October 15 launch includes a discussion led by Shailesh Godse, sales development manager at Credential Financial, a leader in wealth management solutions for Canadian credit unions.

Other presentations will include ways to entertain at home and decorating on a budget.

The launch takes place at the local branch at 480 Bay street from 2 p.m. to 6 p.m. for the open house and 7 p.m. for the guest speaker, Shailesh Godse. The event is open to the public.

Serving 22 communities stretching along the Canadian Shield in northern and eastern Ontario, Northern Credit Union is a full-service, locally-operated financial institution offering personal and commercial banking and financial planning expertise to over 48,000 member shareholders.

For more information on Northern visit www.northerncu.com

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