Business partners at the counter of their new enterprise.
JOHNNY GREIG
It鈥檚 a little-known fact that Canada鈥檚 credit unions are among the country鈥檚 strongest supporters of small businesses. From coast to coast, they provide entrepreneurs with the personalized advice, flexible financing, and genuine partnership that help turn ideas into thriving enterprises.
When Aneesh Sharma was ready to fulfill his lifelong dream of opening a restaurant, it was pure luck that he spotted an ad from Assiniboine Credit Union (ACU) at just the right moment.
With a background in tourism and hospitality, Sharma moved from India to Canada in 2018, studied business administration at the University of Manitoba in Winnipeg and worked at SkipTheDishes鈥 headquarters before going all-in on his dream to open his own restaurant.
After finding the perfect location, he started a funding application with ACU, but abandoned it halfway through. Two days later, Palwinder Singh, commercial account manager of small business at ACU, reached out. That connection would ultimately help Sharma turn his vision into reality.
鈥淗e asked me about my business plan, forecast, and funds鈥攁nd said he could help,鈥 says Sharma. 鈥淗e guided me so well toward this goal, and the process to secure financing was straightforward and smooth. 鈥
In January 2025, Sharma opened the doors to his Indian restaurant, Amantran鈥攚hose name means 鈥渨elcome鈥濃攐n Portage Avenue in Winnipeg.
The personalized attention Sharma received from ACU鈥攁nd the ongoing support and advice from his dedicated advisor鈥攅xemplify what sets credit unions apart in serving small businesses.
鈥淪mall businesses often face hurdles with other financial institutions鈥攍ike strict credit requirements, higher interest rates, a lengthy approval process, and a lack of personal guidance,鈥 says ACU鈥檚 Singh. 鈥淲e try to understand every aspect of their business, their goals and challenges, and help them develop thorough business plans to mitigate risks.鈥
Nigel Mohammed, vice-president of ACU鈥檚 Community Financial Centre, explains that entrepreneurs are often asked by traditional lenders to pledge personal collateral, like their homes or investments. 鈥淎t ACU, we look at the business independently from the individual,鈥 he says. 鈥淚f there aren鈥檛 any business assets, we explore different programs that will satisfy the collateral requirement.鈥
When it comes to debt servicing, ACU鈥檚 solid roots and expertise in the community provide a unique view. 鈥淥ver the years, we鈥檝e built a strong understanding of the local market. For example, we understand whether a restaurant in a particular neighbourhood serving a certain type of cuisine can reasonably generate X number of dollars per month,鈥 says Mohammed. 鈥淚n the absence of historical data, we can determine if their projections are realistic and that the business can afford the financing.鈥
Like ACU, Beem Credit Union in British Columbia takes a community-focused approach to supporting small businesses. 鈥淲e believe that when we support small businesses, we are supporting a thriving local economy, which essentially benefits all community members,鈥 says Scott Allman, vice-president of small business banking at Beem. 鈥淲e also fill gaps, as we are located in some communities that are underserved and we may be the only financial institution in the area. So, we play a part in supporting the long-term sustainability of that community.鈥
Beem prioritizes building relationships and creating personalized solutions. 鈥淏ecause we are locally based, we鈥檝e got boots on the ground鈥攚e know the community, we know the businesses, and we often know the owners behind the businesses,鈥 Allman says. 鈥淲e look beyond basic checkbox lending parameters by knowing and understanding our members, and spending time looking at their business and how we can support them.鈥
Combined with that personal touch is a focus on next-generation technology. One tool Beem uses is a lending analytics platform that helps enable faster credit decisions. 鈥淲e want to make sure we serve our business members in a timely fashion, and we have digital solutions that help facilitate that,鈥 says Allman. 鈥渢he lending analytics platform has been a great solution for many of our small businesses because it simplifies the lending process and allows us to provide credit quickly.鈥
While technology enables greater efficiencies, credit unions remain grounded in strong relationships. In the London, Ont., area, Libro Credit Union prides itself on its ability to provide white-glove service for all business owners鈥攁nd be proactive, rather than reactive. 鈥淧roduct innovation is likely not where we鈥檙e going to win. It鈥檚 going to be the one-to-one relationship and finding the ideal intersection between human and digital,鈥 says Greg McQueen, senior vice-president, business and community banking.
鈥淲hen businesses approach us, it鈥檚 not necessarily that the products and services aren鈥檛 available at other institutions,鈥 he says. 鈥淚t鈥檚 in the execution鈥 they have a difficult time finding somebody who has the time and capacity or expertise to build a relationship with.鈥
Libro鈥檚 personalized approach sometimes calls for creative solutions. McQueen shares the example of an up-and-coming farmer who immigrated to Canada 10 years ago. After gaining experience in the poultry industry, the budding entrepreneur set out to start a broiler operation.
鈥淭he barriers to entry in this industry are high鈥攜ou need to purchase a quota, you need to have the land and build a barn,鈥 says McQueen. 鈥淲e were able to think creatively about how we would finance this individual because we saw real potential. We looked at what we could finance, what other programs could help, and came up with a unique finance scenario鈥攐ne that we couldn't provide to everybody but made a lot of sense in this situation.鈥
For McQueen, his advice to small owners is simple: 鈥淔ind a financial institution you can trust, that will provide holistic advice and is deeply invested in the local community.鈥 For many, that trusted partner is a credit union, most of which are represented in Canada by the Canadian Credit Union Association.
Across Canada, stories like these highlight how credit unions do more than provide financing鈥攖hey empower small business owners to succeed. By combining local insight, personal relationships, and flexible solutions, credit unions help entrepreneurs turn their ideas into lasting contributions that strengthen both the economy and the communities they serve.
