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An official cheque for $25,000 was presented to the Richmond Food Bank Society on Oct. 27, 2023.

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Coast Capital donates $25K to Food Bank Society

By Richmond Sentinel

Published 11:44 PST, Fri January 19, 2024

Last Updated: 11:46 PST, Fri January 19, 2024

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At the end of the 2023 year, Coast Capital made a generous $25,000 donation to the Richmond Food Bank Society.

The financial co-operative, dedicated to making a meaningful difference in the lives of people in Canada, saw the rise in living costs, debt levels, inflation and the increase in food bank visits between 2022 and 2023, and felt such a donation had to be made.

In addition to the monetary donation, “Coast Capital staff also donated their time with hundreds of volunteer hours to food banks across British Columbia, Alberta, and Ontario, an official cheque for $25,000 was presented by representatives from the Richmond region during a volunteer day on Oct. 27, 2023,” said Tara Walter, manager, social purpose ecosystem, Coast Capital.

As a result of the growing affordability and an overwhelming demand for non-profit organizations and food banks, Coast Capital recognizes the significance and importance of these types of services have in our community.

“Over the last few years, these donations mean even more as the demand on food bank services has grown with a growing affordability crisis.

The monetary and in-person volunteer investments into food banks, is a heartfelt response to the overwhelming demand non-profit organizations and food banks in the communities we serve have seen.

They are navigating record-high demands as a result of the current economic climate and need significant support to continue helping feed families across the communities in which they serve,” said Walter.

Coast Capital Savings Federal Credit Union, more commonly known as Coast Capital, is a member-owned financial co-operative.

It was formed in 1940 when making money was difficult, amongst a multitude of towns small groups of credit union pioneers formed to help their neighbours and those around them gather money so they could afford to live a better life.

“Throughout our 80-year history, we have given back to food banks across the country through monetary donations and employee volunteer support”, said Walter.

From this Coast Capital was slowly created, on the very last day of 2000, Pacific Coast Savings Credit Union and Richmond Savings Credit Union engaged in a merger and became the second largest credit union in Canada at the time with an estimated value of $3.2 billion.

As the years went by the credit union continued to grow, by 2022 their assets blossomed from $6.1 billion to over $22 billion.

For over 80-years the organization has been helping people all around Canada and continue to show no signs of stopping, their commitment to helping people in Canada unlock the opportunity towards a better future.

“One of the ways we bring this commitment to life is by reinvesting 10 per cent of our budgeted bottom line back into the communities we serve every year.

Grounding this community-focused reinvestment strategy is our wider social purpose vision to build and champion more equitable access to education, employment and training, financial tools, education, and advice,” said Walter.

In addition to monetary donations to food banks across British Columbia, Alberta, and Ontario, the organization also collaborates with other organizations and societies to help further improve the lives of people in Canada.

“The Education Awards program has supported over 1000 students through an investment of nearly $2.9 million to date. The Road to Red Seal program, in collaboration with the Construction Foundation of BC, a one-million-dollar investment was made to help support those striving to a Red Seal Endorsement.

The Youth Futures Education Fund, has provided over 2,500 youth aging out of government care with financial support so that they can pursue post-secondary education.

Finally, Coast Capital’s support of the DIVERSEcity Foreign Credential Recognition for Women program helps newcomer women get their professional credentials evaluated and/or pay for training, relicensing, and more,” said Walter.