TORONTO – The Creative Arts Savings and Credit Union, a proposed banking institution tailored to meet the needs of working artists and professionals in the entertainment business, received approval to be incorporated, it was announced Tuesday.
“This is great news for artists,” said Canadian actor Peter Keleghan, also a Creative Arts board member. “In the past, traditional banks have tended to overlook our needs. It’s high time an institution was created to give artists a leg up, by providing access to the financial services many other people take for granted.”
The concept has been spearheaded by ACTRA Toronto, the DGC-O, IATSE, NABET and other film and television industry guilds and unions.
The new credit union is set to begin operations, after it raises $2.5 million in start-up capital through investment shares.
“The Creative Arts Savings and Credit Union is an idea whose time has come,” credit union CEO Steve Mumford. “It says something about the strong fundamentals of our business plan that our proposal would be approved in such uncertain financial times. Now artists, and other entertainment industry professionals, can look forward to being treated with the respect they deserve.”
