Community Chronicles:
Community Wealth Building

At connectFirst Credit Union, we strive to build economic prosperity in Alberta through different, unique ways. We’ve heard from our communities that they see credit unions as imaginative champions who dare to dream big and give back to the communities they serve—and we're proud of that. One of the ways we work toward making these ideas a reality is through community wealth building.

On our latest episode of Community Chronicles, connectFirst’s Community Investment & Communications Specialist, Cindy Nguyen, sat down with Philip Lozano from Be Local YYC and Sydney Harder from the Institute of Innovation and Entrepreneurship to find out more about what community wealth building means to them.

Can you introduce yourselves?

Phillip: I am the manager of the Be Local network. The Be Local network is a lot more than a network. It's a community of entrepreneurs who are trying to change the world, and one thing that we all believe in is that doing good is actually good for business as well.

Sydney: I am an Entrepreneur Development Officer with the Institute for Innovation and Entrepreneurship at Mount Royal University. Our team supports the development of high-impact talent by delivering transformative community and engaged learning experiences for students and the community.

How do your organizations approach community wealth building?

Phillip: When you support a local business you create a “local multiplier effect,” which means that your dollar goes further than if you were to spend it at a big business. And so, this idea of wealth building can be as simple as supporting a local business.

The cool thing about businesses in the Be Local Network is that in addition to being local, all of them are impact curious. They are trying to figure out ways of leveraging their business to create a larger impact through several initiatives. For example, some of our businesses pay their employees a living wage, which is higher than a minimum wage. Others try to buy and source from other local businesses, and others have campaigns and hiring practices that are aimed at providing employment opportunities for individuals coming from marginalized backgrounds.

Sydney: We approach community wealth building in a variety of ways. We work directly with students through programs, mentorship, and community events, to really foster that community amongst the student population at Mount Royal University.

First, it’s important to recognize that innovation looks so different for different students, and it isn't limited to a specific field of study or type of student. And so, we do all sorts of things to try and promote that culture of innovation across campus. We work hard to equip students with the skills and tools they need to believe in themselves and to support the economy in the ways that mean the most to them.

Our collaboration with connectFirst Credit Union helps to promote that mindset of growth. Our supporters allow us to provide students with a stipend, which helps encourage students to get involved in the programs and really start to think about how they can support themselves and their communities.

How do credit unions enhance your organization's work?

Phillip: Credit unions are a powerful force in connecting with those entrepreneurs who do feel like they're alone and bring them into the community. We are able to realize the true abundance that we have in Calgary and be able to compound and magnify the work that each of us are doing individually so we can begin to create new, collaborative ways of doing business. Together, we can achieve what we can never do alone. By bringing entrepreneurs together, we can create an even bigger, more powerful impact.

If you think of any entrepreneur trying to do good, every single business needs a financial institution to do the things they need to do as a business. And since credit unions are in the backyard of so many different neighbourhoods, they are a first contact point that they could partner with. At Be Local, partnering with connectFirst is a way that allows us to champion and celebrate the good that's already happening.

Sydney: Credit unions really enhance our work by being active partners in supporting the ecosystem for entrepreneurs we are creating.

Credit unions can really amplify the awesome stories of founders, entrepreneurs, and people doing cool work in our organizations which can create real social impact.

Can you both share some highlights of your partnerships with connectFirst Credit Union?

Phillip: On a very practical level, we held a workshop all about accessing capital. A lot of the members of Be Local attended our workshop, and what they found really unique and interesting is the way that connectFirst goes about their work—the fact that it's just more than just the numbers.

Our network is full of entrepreneurs who are trying to engage in their communities in a more integrative way, and so to partner with a financial institution that goes about their lending in a similar way and takes a holistic approach. That actually gave these entrepreneurs a sense of validation and reaffirmation to know that there’s a financial institution that's going about business in a different way.

And then, on a much broader level, connectFirst has really stepped in as a major sponsor of the network. In addition to coming in and providing support on loans, connectFirst has just stepped in and been one of the backers of the entire network. And so, it is no exaggeration to say that everything that happens in the network has been made possible through the support of connectFirst.

Sydney: There’s a few that come to mind! One of the big highlights for our team was the connectFirst Social Entrepreneurs program that we ran as a collaboration with another institute on campus called the Institute for Community Prosperity.

As someone who was selected to be a participant in that program when I was at Mount Royal, it played a huge role in shaping who I was as a student, where I wanted my career to go, and helped me understand a little bit more about having a career that can be meaningful.

Another really memorable highlight is the social impact award connectFirst provided us with for our JMH Launchpad Pitch Competition that we run every April. This competition brings students in to actually pitch their ideas. With the support from connectFirst, it has enabled us to support these social entrepreneurs on campus. It's such a wonderful experience for students to have lots of different ways of looking at what an entrepreneur is and who they could be.

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Community wealth building is all about fostering local prosperity by centering on inclusive economic practices, shared resources, and sustainable development. This approach empowers communities to drive change from within, offering economic resilience and fostering collaborative growth for businesses, organizations, and individuals alike. It’s not just about financial transactions; it’s about building a connected, sustainable future that prioritizes local assets and supports a thriving, equitable community for generations to come.

Learn more about how we support our local communities or connect with us to explore how we can help you and your organization foster economic resilience and empower you to drive change.