Valley First

Valley First Steps Up For Small Businesses

Valley First steps up to support small businesses after announced account closures
December 12, 2013

Penticton, B.C.—Many local small business owners were caught off guard recently when HSBC advised it would be ending their banking relationship by closing selected small business accounts.

As reported by the Wall Street Journal and the Canadian Federation of Independent Business, following a “strategic review of its business banking services”, HSBC is in the process of closing the small business accounts of many customers throughout North America.

Since the news broke, Penticton-based Valley First has reached out to its counterparts at HSBC to discuss how they can ensure small business owners continue to receive the financial services and support they need.

“Small businesses are the backbone of our local communities,” says Valley First President Paulette Rennie. “They play a crucial role in driving our economy, not only in the Okanagan, Similkameen and Thompson valleys, but throughout our province and country. We’ve reached out to our counterparts at HSBC to let them know Valley First is ready, willing and able to support the small business community.”

While switching financial institutions can seem like a lengthy and daunting process that can potentially cause major headaches for small businesses, Rennie says that Valley First wants to help those small business owners who may find themselves looking for a banking services provider.

“At this time of year, many small business owners are swamped with additional demands,” says Rennie. “We want to make it simple for them to find a financial institution that will serve their business needs. We pride ourselves on our local knowledge and the fact we have local banking experts that live and work in the communities alongside the businesses they serve.”

Small businesses make up 98 per cent of all business in Canada and account for more than half of all private-sector jobs. Given the important role they play in creating strong, vibrant communities, Rennie says it is important to provide the advice and expertise small businesses need to prosper.

“We have a long and proud history of helping small businesses in our communities succeed,” says Rennie. “Through services such as our $20 per-month Unlimited Chequing for Business account, we’ve shown how we’re putting money back into the pockets of small business owners. Additionally, to help small business owners easily transition to Valley First, we’re offering three months free access to our Unlimited Chequing for Business account.”

For more information about Valley First’s small business banking products and services and to take advantage of the offer, contact Alan Fetterly, manager, business services at Valley First at 250-487-7270 or

About Valley First

Valley First is a division of First West Credit Union, B.C.'s third-largest credit union, which has 40 branches and 28 insurance offices throughout the Lower Mainland, Fraser Valley, Kitimat and Okanagan, Similkameen and Thompson valleys. Led by Launi Skinner, First West has $7.1 billion in assets under administration, more than 171,000 members and close to 1,300 employees.

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