At last night’s 2023 Stride Credit Union Annual General Meeting, CEO Brent Budz announced that eligible members will get a boost to their account next week. “Stride Credit Union once again had a strong year in 2023, thanks to our members. As a result of this, Stride will be paying out $700,000 in Dividend payouts and $170,000 in Surplus Share payouts. Eligible members may receive up to $250 from Dividend Payouts the week of April 15, and Personal members who turned 71 as of December 31, 2023 will receive the balance of their surplus shares.”
Budz notes an overall increase in members joining Stride Credit Union in 2023 and looks to continue that growth in 2024 and beyond.
Since Stride’s inception in 2017, there has been $2,399,000 in Dividends paid out to eligible members. Dividends payouts are calculated according to the amount of business a member has with Stride.
For further information on Dividends, Surplus Shares or in becoming a member, please contact us.
Stride Credit Union recently participated at a joint media release announcing its investment into The Connect Manitoba Growth Fund. The Connect Manitoba Growth Fund is an innovative venture capital fund established through a collaboration between the Government of Manitoba, Westcap Management Limited, and several local credit unions, including Access Credit Union, Fusion Credit Union, Stride Credit Union, and Sunrise Credit Union. The fund is the first recipient of capital from the Manitoba First Fund, which was introduced by the Manitoba government in the spring of 2022.
With an initial capitalization of $60 million, the Connect Manitoba Growth Fund aims to support later-stage growth companies in Manitoba. It specifically targets companies that have already gained market acceptance for their products or services. By providing funding to these established ventures, the fund seeks to facilitate their further expansion and development.
The Manitoba government, Westcap Management Limited, and the participating credit unions are the key investors in the Connect Manitoba Growth Fund. The Manitoba First Fund has made an inaugural investment of $25 million in partnership with Westcap Management Ltd., which has extensive experience in managing venture capital investments. The remaining $35 million will be contributed by the credit unions involved in the collaboration.
This joint effort between the government, venture capital managers, and credit unions is expected to foster economic growth and entrepreneurship in Manitoba. Managed by Westcap Management Limited, the Connect Manitoba Growth Fund will play a vital role in providing financial support to promising local companies and driving their continued success in the market.
Any commercial members that have questions about venture capital financing through this initiative can contact their Stride Account Manager or contact Westcap directly at 204-453-1000 or info@ConnectMB.ca
