When rural Manitobans seek financial services, they want to talk to someone who understands, so Westoba Credit Union strives to make financial services more than just business. They make it personal.
Westoba Credit Union is a full-service financial institution that puts its community first, providing expert financial advice specifically targeted to the needs of its 37,000 members.
“Every day, we’re building a culture of integrity, collaboration, and innovation, to better serve our employees, members, and communities,” says Megan Daly, manager of business banking for Brandon and rural at Westoba Credit Union.
She says Westoba is proud of its legacy of community re-investment, prioritizing local businesses, and carefully developed, personalized long-term relationships.
Dedicated to supporting local organizations, employees volunteered over 1300 hours in 2023. Westoba’s Inspire Investment Program has funded over 35 local multifunctional projects since 2017, totalling over $210,000.
“From a new kitchen for the Douglas Community Centre to the new arena boards for Westman Volt Hockey, we’ve had a positive impact in our communities,” says Daly.
Westoba innovates to tailor services with a multifaceted approach that meets the unique needs of various industries and businesses in Manitoba.
“We offer cashflow management including cashflow forecasting – helping members anticipate and plan for future financial needs,” says Daly.
Westoba offers flexible lines of credit to manage short-term gaps. Solutions for inventory management include financing options that facilitate business purchases without straining cashflow.
“My team and I offer expert advice so businesses avoid pitfalls that may be common in their industry; things we’ve learned through experience in years of banking and listening to our members,” she says.
She cites innovative solutions for farmers like grain ticket loans.
“A farming member might sell their grain in November but defer the income to January 1st. We provide a temporary loan against this future income, allowing them to access cash immediately to cover current expenses and reduce their tax burden for the year,” she says.
“When the grain cheque is issued in January, we use it to repay the loan.”
“This approach helps farmers manage their finances more effectively by deferring income while increasing current year expenses. It’s a creative way to support our Westoba members’ financial needs.”
Leasing is a great financial tool for businesses, its key benefit being that borrowers can claim the entire lease expense in the first year, unlike financing transactions where only the payment amount can be claimed as an expense.
“Leasing can improve cash flow because it normally requires less initial capital upfront when compared to purchasing, which in turn preserves working capital,” she says.
Lease payments can often be written off as a business expense, reducing taxable income and providing tax savings.
“This can be advantageous for members with high income, allowing them to significantly reduce their net income by deducting the full lease amount. It’s a smart way to manage taxes and optimize financial outcomes,” she says.
Westoba’s Business High Interest Savings Account (BHISA) offers competitive variable interest rates with daily interest calculations.
“Most businesses can qualify and it’s a great option to augment their saving strategy while keeping money accessible,” she says.
For farm families, succession planning is a key to the future, keeping farms in families and ensuring farm life is vital and productive for generations to come. Daly says the earlier you start to plan, the better.
“Farm succession planning is far more than just handing over the keys to the combine, it involves the vital transfer of knowledge and ownership to the next generation,” she says.
“A well-planned approach with neutral and experienced advisors is your first step. I’d recommend you reach out to your business advisor and be up front with any plans you are already considering.”
Westoba’s business advisors, together with their Westoba Financial Solutions subsidiary, can help develop a succession plan that is equitable and fair for everybody involved.
“Our strategic partnerships help to optimize succession plans, whether that is through insurance-based strategies that fund a buy/sell agreement, protecting against a health crisis or premature death, or equalizing the estate,” she says.
With deep roots in Manitoba’s rural communities, Westoba Credit Union staff have the training and life experiences that let them understand the needs and concerns of their members.
Thirteen branches combined with in-person and remote team members providing virtual assistance makes Westoba’s full suite of financial services readily accessible 24/7. The WestobaGO mobile app offers their members unbeatable convenience.
“We understand that every client and every business is unique, and sometimes a branch visit or virtual call isn’t feasible,” says Megan Daly.
“That’s why our team is dedicated to meeting you where you are, whether that’s at your office, in the field, or even at your kitchen table.”
Reach out to Westoba Credit Union at westoba.com or Virtual Services at 1-877-WESTOBA.
Written By Wendy King
Reposted with permission from Westman Business (Brandon Sun)
BS Westman Business Westoba CU Oct 11 2024
