Desjardins Insurance invests $1 million to support small businesses across Canada

GoodSpark Small Business Grants Program is providing $10,000 grants to 75 locally owned and operated businesses, along with advertising, and consulting services from York University's Schulich School of Business MBA students

AURORA, ON, Jan. 27, 2021 /CNW Telbec/ - Canada's small businesses are the backbone of our local communities and as such will play a key role in driving economic recovery once the pandemic ends. But many have been hit hard and need support to adapt to the current provincial lockdowns and other restrictions and to rebuild for the future.

That's why Desjardins Insurance is supporting small businesses across the country through its GoodSpark Small Business Grants Program. The $1-million initiative is providing $10,000 grants to 75 locally owned and operated small businesses, some of which will also receive local advertising support and customized business consulting services from MBA students at York University's Schulich School of Business.

"Small businesses play a vital role in the economic health and vibrancy of our local communities and supporting communities is at the heart of Desjardins' purpose as a financial cooperative. These communities need our support now more than ever. Helping small businesses to survive and get back on their feet will in turn help our communities recover from the pandemic, and we are proud to provide opportunities for MBA students to play an important role in this initiative," said Benaaz Irani, Vice-President of the Desjardins Agent Network.  

"The financial and other supports we are providing are designed to help the companies adapt to the current challenges by developing ecommerce capabilities and other digital solutions, maintaining and hiring staff, improving energy efficiency, taking measures to protect employees and customers, and transforming their operations in other ways," said André Langlois, Vice-President of Growth and Industry Relations at Desjardins.

The 75 small businesses supported by the program represent a cross section of industries and include restaurants, retail outlets, cleaning firms, dance studios, dry cleaners, hair and nail salons, floral shops, and sports-related firms, among others. The firms, which must have 25 or fewer employees, were nominated by Desjardins Insurance Agents in Ontario, Alberta and New Brunswick and by Desjardins Financial Security Independent Network (DFSIN) Advisors across the country.

Three levels of support are being provided under the program:

• Tier 1 – All 75 small businesses will receive a $10,000 grant.
• Tier 2 – 20 of the 75 firms will receive support for local advertising initiatives in addition to the $10,000 grant.
• Tier 3 – Another 21 of the 75 firms will receive the $10,000 grant and support for local advertising, plus customized business consulting analysis and advice from MBA students at York University's Schulich Business School.

"We are happy to partner with Desjardins to enable our very talented MBA students to help these small businesses to transform their operations to meet the challenges of the pandemic. The students will also benefit through the real-world experience they gain and through compensation from Desjardins for their work. For many of our students, this is also a difficult economic time and the compensation will help them to continue funding their studies," said Kostas Tsambourlianos, Professor of Strategic Field Studies, Schulich School of Business.

The GoodSpark Small Business Grants Program is just one component of the extensive support Desjardins is providing to clients and communities across Canada during the pandemic. We've granted over 600,000 requests for payment relief and deferral in all our business sectors, we refunded over $155 million in premiums to our auto insurance customers, reduced the interest rate to personal credit card holders, and provided emergency $3000 loans to customers in need, among other measures.

In addition, we have contributed millions of dollars to support local businesses, entrepreneurs, social organizations and communities.

Because of these measures, Desjardins is proud to be one of three financial institutions in North America recognized by the United Nations as a responsible institution during the COVID-19 pandemic.

About Desjardins Group

Desjardins Group is the leading cooperative financial group in Canada and the sixth largest in the world, with assets of $359.9 billion. It has been rated one of Canada's Top 100 Employers by Mediacorp. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Ranked among the World's Strongest Banks according to The Banker magazine, Desjardins has one of the highest capital ratios and credit ratings in the industry.

SOURCE Desjardins Group

(media inquiries only): Public relations, Desjardins Group, 514-281-7000 or 1-866-866-7000, ext. 5553436, [email protected]