
You’ve Heard of Buy Local. How About Bank Local?
From fad to full force, buying local has become a universal movement. Many communities in Canada have now become invested in the buy local movement and many individuals have incorporated it into their lifestyle. According to a report by the Business Development Bank of Canada (BDC), 97% of Canadians are buying local to support the Canadian economy. There is no denying that there has been a rising interest among consumers to buy local as they become more socially and environmentally conscious.
The more people that buy local, the more growth local economies experience. Greater investment in communities across Canada has allowed for more entrepreneurial projects and small business to be created and thrive. This is a direct result of the multiplier effect: the more money that goes into local businesses, the more potential there is for job creation and greater local economic return.
There are so many great opportunities to support, build and strengthen local businesses and communities across Ontario. The movement has soared and it continues to flourish with no signs of slowing down. There are as many reasons to buy local as there are people participating!
Supporting Small Businesses
Communities are home to an abundance of small businesses that have become part of the daily routine in the lives of many. With an increasing concern for being socially responsible and a consciousness for the environment, personal health and supporting the local economy, people are fueling the steady growth of small businesses.
Gone are the days of accumulating quantity over quality. People are more interested in items and products that are “Made in Canada”. According to the BDC, close to two-thirds of Canadians say they have made a commitment to buying local. Consumers have a greater desire for more: more unique experiences, genuine interactions, and authentic high quality goods. They realize that it is more important and more beneficial to buy quality products that last, rather than products that don’t benefit the community or local economy.
Eating Local
Eating local is perhaps one of the largest and most important parts of building and sustaining the buy local movement. In Ontario, 1.2 million jobs in rural communities contribute approximately $106 billion to the provincial economy. Every local purchase made supports that number.

Making local purchases can be as simple as going to your grocery store and finding fresh produce that was grown within a certain number of kilometers. Often referred to as the 100-mile diet, people are giving more thought to where their food comes from, and more specifically, how far it had to go to get to their tables. We all know the Ontario Foodland jingle from the 70’s “Good things grow in Ontario” and it’s true, there are over 50 kinds of fruits and veggies grown right in our backyard! When people purchase food grown closer to home it spends less time in transit, it reduces your carbon footprint, is fresher and tastes better! Whether for economic, health or environmental reasons, eating local is a cornerstone of buying local.
Buying Local Supports Your Community
When you buy local, you and everyone else in your community benefit. Your local economy is directly impacted in positive ways. Keeping money local means your dollars are circulating in the community, helping it not just survive, but thrive economically. If each household in Ontario allocated just $10 to local purchases, 10,000 new jobs would be created. Along with creating and securing new jobs, local spending will bring success to businesses and put them in a better position to give back to the communities they serve by supporting non-profit charities, cultural associations and community fundraising.
When a community invests in the buy local movement, the buy local movement invests in the community in turn. Local economic growth creates a more sustainable, prosperous, healthier community with strong grassroots.
Buying Local Includes Banking Local
Growing the buy local movement requires commitment across all levels. Those who commit to the movement become very conscious of how they spend their money, where it goes and who it benefits. But many don’t think about where their money is being kept.
Banking local is just as important as buying local. Banking with the top 5 banks in Canada means money goes outside of communities to people and places that have no direct correlation to their customers. It’s important to bank local in order to further the contribution to the local economy. Working with institutions that are local often means their financial advisors have a solid understanding of how the local market affects businesses in communities.
Why Bank Local?
Credit unions keep money local by lending to small businesses that create goods & services for locals and the economy. They keep profits close to home right here in Ontario, not overseas. A 2015 Credit Union Community & Economic Impact Report revealed that $673 million in net income was retained to support future growth and make community investments! They put people before profits and are able to work on a personal level to provide financial solutions and exceptional customer service.
Credit unions are able to provide products and services at low costs because they share their profits with their members. Thanks to this approach, more individuals can hold onto more of their hard-earned money.

Be 100% Local
Buying local is extremely important, but it only takes the movement and its benefits part of the way. When people bank local as well, the movement becomes full circle. Credit unions are the driving force and the last piece of the puzzle to make the local movement complete. Ontarians have a great opportunity and the choice to spend their money locally AND deposit it locally too! Becoming a member of a local credit union continues to strengthen and support the local economy, put people before profit and help small businesses in urban and rural communities prosper. On a more personal level, individuals can receive help with debt management, help with financial literacy and see pressing public policy issues they care about addressed. Banking locally benefits the economy, the community and you!
