Partnership approach essential to small business success, driving the economy

 With small businesses dominating the Interior, Small Business Week, Oct. 19-25, is a time to celebrate the invaluable contribution these organizations make to British Columbia’s economy.

Accounting for 98 per cent of all business types and more than half of all private sector jobs in B.C, small businesses are often referred to as the backbone of the local economy. Beyond that, the small business community contributes 31 per cent of the province’s gross domestic product, making them critical to the health and vitality of scores of communities across the province, says Valley First business banking expert Kevin Smith.

“Countless communities were built around and still rely on small businesses,” says Smith. “More than one million people across B.C. go to work at a small business every day. While it’s great for more people to be shining the light on small businesses, at Valley First, every week is small business week.”

Since becoming a division of First West Credit Union in 2010, Valley First has experienced a significant lift in the support it has been able to provide small business members as well as a swelling business member base, says Smith. Between September 2013 and September 2014, Valley First increased loans to local businesses by 13 per cent and grew its business membership by 4.5 per cent.

“The growth we’ve seen over the last 12 to 24 months has been exceptional, particularly during a time when other financial institutions are actively removing themselves from parts of the small business sector,” says Smith. “We’re pursuing new partnerships and strengthening existing relationships to ensure we continue supporting the small business community. Our focus has never been sharper.