Grand Manan could soon have a credit union — at least that is the hope of two local businesspeople.
Michael Munro and Lauren Martin want to “revitalize” the former Scotiabank building to house a credit union and a health clinic.
The two revealed their plans publicly for the first time during a presentation to village council last week.
“It’s unlikely a big-six bank would come back, but a credit union could work for us,” Munro said during the presentation.
Scotiabank closed its Grand Manan branch in August, leaving residents and business owners without a place to do their banking.
Residents now have to travel to the mainland, which involves a 90-minute ferry ride to Blacks Harbour, followed by a 20-minute drive to St. George.
There is also a four-hour wait between ferry crossings most of the year, meaning a trip to the bank could take upwards of eight hours in many cases.
Munro said credit unions are “very community-minded” and try to tailor what they offer to the community they serve.
Anyone who wants to be part of a credit union has to purchase a membership share, he said, but they would get a say in the operations.
“It’s not a hedge fund or a large group that owns a vast majority of the shares and controlling how everything works, there’s a local autonomy,” said Munro.
Munro said they want residents and business owners to have the ability to do basic banking to start, such as personal and business chequing and savings accounts, tax-free savings accounts and registered retirement savings plans.
Once the credit union became more established, he said, they could look at offering loans, mortgages, insurance and basic credit cards.
But before any of that can happen, Munro said support from the community of Grand Manan will be critical.
They need at least 10 people and $500,000 of pooled initial funds in order to form a credit union.
Munro said they would also need support from at least half of the island’s residents and one-quarter of the businesses.
“This is the beginning of the process, not the end of the process,” he said. “We’re still many months out from that being able to happen, but we’re working through the process pretty diligently.”
The partners have also reached out to the province to try and secure funding through the Regional Development Corporation, said Munro.
As for the extended health centre, Martin said the hope would be to bring new services that are not currently available through the hospital or anywhere else on the island.
Several practitioners have already signed up to come to Grand Manan on a rotational basis, said Martin. The services include physiotherapy, osteopathy, athletic therapy, acupuncture, phlebotomy, and massage therapy.
Martin said the shared space would allow community access to telehealth and teledent services.
They are still looking for several other service providers, said Martin, including an optometrist, audiologist, chiropractor and full-time dental hygienist.
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