Thanks very much.
Good afternoon. Thank you very much for the opportunity to speak with you today about helping Canadians during these difficult times.
My name is Martha Durdin, president and CEO of the Canadian Credit Union Association, or CCUA. With me, virtually of course, is our VP of government relations, Michael Hatch.
CCUA is the national trade association for 233 credit unions and caisses populaires outside of Quebec, which provide deposit, loan and wealth management services to almost six million Canadians across Canada. Credit unions are regulated, 100% Canadian-owned, full-service financial institutions. They employ roughly 60,000 people across Canada and manage over $246 billion in assets.
Credit unions represent 10% of the financial sector, but in small business they have nearly 20% market share nationwide and close to 50% in the Prairies. In Manitoba, for example, outside of Winnipeg, that market share is close to 60%. In about 400 Canadian communities not served by banks, credit unions are the only bricks-and-mortar financial institutions. As financial co-operatives, credit unions have stepped up to assist their communities during this time through a range of community support programs, and that is always the credit union way.
Credit unions have taken decisive action to stabilize our financial system and help Canadians. They've moved rapidly to deliver financial relief by reducing credit card and loan interest rates, implementing mortgage deferrals and increasing tap limits to slow the spread of COVID-19. Credit unions have reduced credit card interest rates by 50%, to just under 10%, with deferred payments for up to six months. Canada's largest credit union, Vancity, has reduced its rate to 0%. Our credit unions report that 98% of those seeking relief have been approved.
The credit union sector has spoken frequently with regulators and governments to help meet the challenges Canadians face. We've been impressed with the government's swift work to create relief measures and are appreciative of its willingness to listen to stakeholders and adjust measures as necessary.
Particularly with regard to the Canada emergency business account, known as CEBA, we were pleased this morning, after two weeks of work with Finance and EDC, to be told that all credit unions will be brought into this program. This has the potential to help hundreds of thousands of small businesses, and we fully support that. It will be of utmost importance that the government follow through on this commitment to onboard every Canadian credit union into this program swiftly this month.
I don't have to tell you that small business owners are in crisis across the country. I can share the example of one of our credit unions' clients who got in touch, Tauna and Greg Butler, who have 30 years of hospitality experience. They recently bought a small hotel in B.C., taking on a mortgage to invest in and grow their business. They employ 15 people and, until this crisis, were happily tracking on their business plan. Today, they're closed. They have laid everyone off and are struggling with expenses and two leases, which are also small businesses: a brewery and a restaurant. They are struggling to pay their rent.
This is just one of the stories of hundreds of Canadians who bank with credit unions and are in urgent need of a bridge to the other side of this crisis. If credit unions were not part of this, they would be shut out.
We have made some progress this week on CEBA, but we urge the government to ensure that all businesses that qualify can access this program this month. As the government continues its response to COVID-19, we ask for an approach that includes all Canadians, no matter where they choose to bank.
Today we are asking for your assistance in implementing measures that will help credit unions provide the support that hard-working Canadians are entitled to and need now more than ever.
As you know, the business credit availability program, BCAP, is one other component of the business liquidity plan, to which all our members can apply. It will be important for this program that the largest financial institutions not be allowed to swallow up 100% of the funding allocation before smaller players like credit unions can gain access on behalf of their members.
We understand that taxpayer dollars are finite, but access to BCAP and other programs must be shared equitably across all players in the financial sector so that they can be delivered equitably to all Canadians across the country. This will ensure that the government can deliver on its commitment to help those in crisis, and that Canada's financial sector remains healthy, competitive and diverse throughout and after COVID-19.
Canada's credit unions are standing by to help you help Canadians. We appreciate your commitment to continued dialogue and remain ready to assist in any way we can.
Thank you for your time. My colleague Michael and I will be pleased to answer any questions. On behalf of our board and credit unions across Canada, we wish you and your families all the best in a safe environment. Thank you.