Agreement Benefits Local Businesses

May 11, 2006

Nova Scotia businesses will have access to more financial services thanks to a memorandum of understanding that has been signed by Nova Scotia Business Inc. (NSBI), Credit Union Central of Nova Scotia and the Nova Scotia Co-operative Council.

The three organizations have committed to working collaboratively, sharing risk when necessary, expanding existing lending activities and improving communication on programs, projects and services.

"This working agreement will add to our ability to better serve Nova Scotia businesses," said Stephen Lund, president and CEO of NSBI. "By putting our commitment in writing, we recognize the value in working together with a well-recognized financial institution like Credit Union Central of Nova Scotia and the Nova Scotia Co-operative Council."

NSBI and Credit Union Central of Nova Scotia oversee joint financial activities, so the memorandum will help in co-ordinating their responsibilities.

"The credit union movement is quickly becoming the leader in commercial finance," said Bernie O'Neil, president and CEO of Credit Union Central. "This agreement with NSBI - like the partnership we have with the Office of Economic Development - ensures that businesses in all areas of Nova Scotia have maximum access to quality and flexible financial products to start and grow good enterprises."

The Nova Scotia Co-operative Council is the economic development arm of the co-operative and credit union sector. It is generally the first point of contact for businesses looking for development support.

"A collaboration between the council, NSBI and Credit Union Central of Nova Scotia ensures that good business ideas get off the ground and that existing businesses have the support necessary to grow," said Dianne Kelderman, CEO of the Nova Scotia Co-operative Council. "After all, economic development is about building lasting relationships and delivering positive results for Nova Scotia."

Nova Scotia Business Inc. is Nova Scotia's private sector-led business development agency. NSBI is the investment attraction arm of the province and helps companies in Nova Scotia meet their growth potential through business advisory, export development and financial services.

Based in Halifax, Credit Union Central of Nova Scotia represents and supports the credit unions of Nova Scotia and Newfoundland and Labrador. Through its leadership and the excellence of its people, products and services, it supports credit unions in becoming the financial institution of choice.

The Nova Scotia Co-operative Council is the economic development arm of the Nova Scotia co-operative and credit union sector. The council co-ordinates provincial development initiatives and opportunities to ensure that co-operatives and credit unions continue as a dynamic, creative presence in local communities, capable of delivering economic results, and addressing their communities needs, challenges and opportunities into the 21st century.


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