LA LOCHE — This fall members of the northern community of La Loche will finally have a financial institution to call their own, thanks to the Innovation Federal Credit Union.
For nearly two decades, the people of La Loche would have to travel hundreds of kilometres to access a financial institution. The only other way to cash a cheque was through local businesses, which was costly due to the fees they had to pay for the service.
Soon the 3,000 people living in the village will have their banking needs met right in their community.
“This was a concerted effort to say ‘we want to better serve members of the community in these Indigenous communities,’” said Jasmine Dreger, senior director Indigenous Relations at Innovation Federal Credit Union.
The new Advice Centre (banking branch) of Innovation Federal Credit Union will open a location in the former La Loche Friendship Centre Building in the fall of 2024.
The bank will be a full-service centre, with in-person advisors, ATMs, cash services and an interactive room if a community member wants to chat with someone off-site on financial matters, such as a wealth advisor.
“As part of our commitment to truth and reconciliation, and in alignment to our corporative principles of concern for the community, Innovation is proud to bring an Advice Centre to La Loche,” said Dean Gagné, chief disruption officer at Innovation.
“We want to make banking accessible and affordable for members of the community of La Loche and members of the surrounding First Nations,” he said.
“We look forward to being a part of the community; it’s well overdue.”
Consultations with the community and experts, attending cultural ceremonies, and developing an Indigenous Connector Group was all part of the process that led Innovation to opening a branch in La Loche.
“We really wanted to do something meaningful and partner with Indigenous communities, businesses, and organizations” said Dreger. “And through that, build out a lot of different things that mutually benefit Innovation and Indigenous people in Saskatchewan and across Canada.”
Innovation has Advice Centres several other smaller, remote communities across the province, including branches in Buffalo Narrows and a new centre in Île-à-la-Crosse.
Not only will the community have the ability to open free accounts and forgo chequing fees, they’ll have access to Innovation’s financial services in order to grow wealth. And, Innovation plans on hiring six full-time staff from the community.
“We’re putting more money back in the hands of the people there,” said Dreger.
Jim Lemaigre, MLA for Athabasca, commented on the improvement this will add to the community.
“This milestone will significantly benefit La Loche and the northern and Indigenous communities for years to come,” said Lemaigre. “I’m proud to see this initiative and I look forward to seeing the positive impact the advice centre will bring.”
