Community Savings Credit Union, often celebrated as the unions’ credit union, is driven by an unwavering commitment to fostering a community of communities. Grounded by a strong social purpose — to create a just world for working people — the credit union is a leading example of how financial institutions can champion equity and inclusivity.
Led by CEO Mike Schilling, the Community Savings team adopts a bold and ambitious approach, breaking through barriers in underserved communities while delivering sustainable, member-focused solutions. With comprehensive support from Central 1 — including payment solutions, treasury services, digital banking and marketing research — they are building a future where innovation and inclusivity go hand in hand.
Leading the way in cannabis banking
Community Savings is committed to investing in the future. They deliver innovative solutions while maintaining a focus on sustainable growth and member-centric services.
The credit union’s board and leadership asked a simple question back in 2018: “On what grounds would we deny something as simple as a bank account to a legal business?” This question led to their groundbreaking entry into cannabis banking — a sector that has often been discriminated against and stigmatized.
One of the options cannabis businesses are often not aware of is that they can leverage their assets, be it land, a facility, or equipment, to gain more access to working capital.
One example of those services is Community Savings’ invoice factoring to licensed cannabis producers. Factoring is a financial service where a business can sell its outstanding invoices to a factoring company in exchange for immediate cash. This can help these businesses leverage sales into provincial markets, speeding up payment options that sometimes take weeks or months from the provincial distribution boards.
“Our partnership with Central 1 allows us to deliver innovative solutions that are tailored to the unique needs of our cannabis members. By combining their expertise with our mission-driven approach, we’re able to break down barriers and champion equity in ways that truly make a difference,” says Mike Schilling, CEO, Community Savings.
Capitalizing on this opportunity, Community Savings has emerged as the largest provider of banking services to BC’s cannabis sector. To date, Community Savings has provided more than $20 million in loans to businesses in the cannabis sector. Their leadership extends beyond banking as they are vocal advocates for better policies and infrastructure to support this evolving sector.
With Central 1’s risk assessment expertise, Community Savings also effectively managed the complexities of cross-border operations related to serving this growing cannabis sector, ensuring compliance and sustainability in this niche.
Expanding horizons: Innovation to serve diverse communities
Community Savings is delivering on their social purpose by launching new initiatives to reach underserved communities, increase accessibly and catalyze inclusive growth:
Anxin Community Savings: Located in Richmond, AnXin is the first credit union initiative to serve Chinese-language communities in B.C. with tailored solutions for newcomers, immigrant families and Chinese speaking population.
Aria Savings: Canada’s first and only Persian-focused and Farsi-language financial institution brand, launching this month, is set to empower Persian communities with financial tools that reflect their unique needs.
These initiatives combine physical branch presence with innovative digital banking solutions, developed with Central 1’s expertise. By expanding their reach, Community Savings is not just opening branches, they’re opening doors for communities to thrive.
Central 1 provides Community Savings with the essential tools and resources needed to effectively serve their members. This partnership allows Community Savings to focus on their core mission of offering accessible and equitable financial services to workers and their families, in a highly competitive financial landscape.
“At Community Savings, we’re about building opportunities for communities to thrive. Whether it’s launching AnXin for Chinese Canadians or providing financial literacy for labour union members, our work is driven by a single purpose – to ensure every member has access to the financial tools they need to succeed,” adds Schilling.
Through our collaboration, we witness firsthand how the Community Savings team champions a broader vision for inclusive financial services. Together, we tackle challenges and explore new opportunities, supporting sustainable growth for both the credit union system and the communities we serve.