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Canadian CU leaves native loan program
OTTAWA, Canada (2/7/11)--A credit union in the Canadian province of Manitoba is withdrawing from a federal loan program for aboriginal businesses. In 2008, Indian and Northern Affairs Canada selected Assiniboine CU (ACU) as one of five financial institutions to receive funds as guarantees for loans made to on-reserve businesses (Winnipeg FreePress Feb. 4). To date, the credit union hasn’t provided any loans through the native loan program and is exiting it, ACU CEO Al Morin told the newspaper. In total, two applications were received. One was denied and the other discontinued. “We had virtually no uptake,” Morin told the paper. ACU’s board of directors voted in January to withdraw from the program and notified the government in writing last week, Morin added. Aboriginal financial institutions claim they were unfairly excluded from the program after not being properly consulted about it. A group of four aboriginal financial institutions filed a court challenge against the program in 2010, the paper said.


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