A Bank of, by and for the Voluntary Sector

Over the past three years a group of leaders from Canada's voluntary, public and private sectors have been working to develop a new type of bank - a bank that is not only a charity, but is also owned by and dedicated to serving others engaged in charitable activities. Vartana - a Sanskrit word meaning the intersection of community and commerce - promises to support Canadian voluntary sector organizations in achieving their diverse missions.

A Unique Vision for the Voluntary Sector in Canada

Voluntary sector organizations deliver services such as home care for sick and elderly people, recreation programs for children and youth, shelter for survivors of abuse, or assistance to immigrant families adjusting to a new country. They enliven our cities with arts and cultural events, protect our natural environment, drive renewable energy initiatives, promote literacy and learning, advocate for rights, and monitor the quality of life of our communities, among a host of other activities. Together, these organizations play an essential role in promoting active citizenship and building bridges between communities and cultures, across regions and between Canada and other countries.

Vartana Bank will provide an opportunity for Canada's voluntary sector organizations to come together to further control their own destinies. While these organizations have the imagination, commitment and enthusiasm needed to achieve their goals, they often lack the solid financial infrastructure and advisory support required to expand and sustain their work. By pooling their resources in a bank dedicated to serving their needs, Canada's voluntary sector organizations can capitalize on the effort traditional banks have invested in developing financial products, advice, approaches and tools and channel this creativity for the wider benefit of society.

Supporting a Strong and Vibrant Sector

Vartana Bank will operate across Canada, offering a wide range of financial products and services, including deposit products (e.g. operating and savings accounts, GICs), credit products (e.g. lines of credit, demand and term loans, mortgages, credit cards) and financial advisory services. Financial advisors who can help develop financial plans and identify the sorts of financial tools that will best serve the needs of individual organisations will be the key to the Bank's unique proposition.

Not Your Typical Bank

How will Vartana Bank be different? In lots of ways.

1. Vartana is a charity, too: Vartana will understand sector needs more fully than most traditional institutions do. Vartana Bank's entire focus will be on these sorts of organizations, and will have people and policies in place to respond to their particular needs.

2. A close working relationship: Every organization will have access to a team of advisors dedicated to doing what is right for them. Vartana will deliver a truly needs-based approach to banking - assisting organizations in determining their needs, and how best to meet them. Vartana will put the sector's interests first!

3. Access to financial products and advice: Understandably, with a couple of notable exceptions in select regions across the country, traditional institutions find it difficult to judge the creditworthiness of "non-profits". Vartana's unique structure and culture mean it will use credit application processes that focus on the unique needs of each individual organization - its mission, management team, board, history, goals and strategic/financial plans. Vartana's advisors will not be charged with saying "no", but with assisting organizations on getting to a place where the Bank can give a resounding "yes" and provide them with forms of financing appropriate to their specific needs.

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