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"Herstory"
A mother of three children on Family Benefit Allowances is excited about moving into rent-to- income housing. Unfortunately her new home comes without a stove or refrigerator. This problem could be alleviated by a $500 grant from Family Benefit Allowances but there is, however, a catch. She must buy the stove and refrigerator first, then she will be reimbursed. But who will lend money to a single parent on a fixed income, below the poverty line?
Unfortunately banks did not cater to the needs of low-income women, who have problems cashing cheques and getting emergency loans. Seeking a viable alternative to traditional banks, a group of women decided to form the Ottawa Women’s Credit Union. The Credit Union would serve the banking needs of women in the Ottawa area and would be managed by and for women.
In 1978, Lynne Markell, then of the Social Planning Council, and Aline Akeson and Dorothy O’Connell, then of the Ottawa Tenant’s Council, decided that a financial institution based on the philosophy of women helping women become financially autonomous was needed in the Capital Region. It would make small, short-term loans to women on fixed incomes and provide both financial information and counselling designed to encourage financial independence. Such an institution would also let women help run it, through membership in committees and the Board of Directors. In addition, on-the-job training, to prepare low-income single parents to re-enter the labour force, would be provided.
The women decided that a credit union would meet these objectives better than any other form of organization. As a credit union, the business would be owned and controlled democratically by its members. The employees would be local women, and money deposited by members would remain in the community.
After deciding on the type of institution to establish, the women took concrete steps to realize their goal. Between 1978 and 1980 organizers completed a feasibility study, a business plan, and a market survey. During this period they received organizational support, advise, and expertise from the Ottawa Tenants’ Council (later the Ottawa Council for Low Income Support Services - OCLISS), Ottawa Community Credit Union, The Federal Business Development Bank, and the CS Co-op.
Lily Schreyer, wife of then Governor General Ed Schreyer, became the honorary first member at the opening ceremonies in September 1980. Membership grew quickly. In a special celebration in February 1982, Marion Dewar, then Mayor of Ottawa, became the one-thousandth member.
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The original objectives of the OWCU were as follows:
- To train low-income women for re-entry into the labour force;
- To provide financial services competitive with banks;
- To provide educational services to members in the form of seminars, workshops, counselling and pamphlets;
- To respond to the financial needs of women; and
- To encourage growth of the membership, assets, and loans to members.
The history of the OWCU is remarkable not only because of its training program, but also because the training program was specifically tailored to low-income women, disadvantaged in terms of gaining employment for a variety of reasons. Its priority was to operate in a very efficient and professional business environment, offering realistic training, reflecting what the industry standard would demand.
The OWCU started as a small co-operative financial institution offering minimal services such as savings accounts and personal loans, while operating on a manual system. However our evolution to a full service financial institution, offering competitive services, was rapid.
Twenty-five years ago no financial institution in Ottawa served the specific banking needs of women.
The Ottawa Women’s Credit Union answered that need.
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