four coloured squares rotating clockwise inside an orange circle


Glenn's 2 Cents
Fresh off the desk of our CEO
Financial Support for Members
Member Wellness Monday

Glenn's 2 Cents 

Summer 2022 Edition

Summer is finally here!

It feels like a while since we had a proper summer due to the pandemic. This summer feels extra special, and I'm filled with the excitement I felt as a child looking forward to trips to the lake.

This summer, Synergy has been a busy little bee. We just rounded off our annual member appreciation days at all the branches, and the turnout was spectacular. We also awarded 4 scholarships worth $4000 each. And more than 3.1 million dollars went going back to our members in the form of ProfitShares!

Look forward to even more activities from us this summer.

Recently, the banking industry experienced a major operational hiccup. The Rogers nationwide outage brought financial services such as ATM's, e-transfers and debit cards to a halt. This unprecedented event which lasted over 48 hours, highlighted our dependence on these services. While many of us might felt helpless, there are lessons we could learn from this experience. Always have a small amount of cash on hand for such emergencies and diversify your methods of payments by having both credit and debit cards. Synergy offers electronic wallet capabilities through Samsung Pay, Google Pay and Apple Pay. This function allows you to load your Synergy Credit Union Member Card debit card on your phone’s mobile wallet and can be used by just tapping your phone on a POS device. Find more about our mobile payment options.

Saskatchewan is known for its hot summers with endless blue skies. So, enjoy the summer, take in the sun (don't forget the sunscreen!), stay hydrated and see you later, alligator!

Glenn Stang (CEO, Synergy Credit Union)

Share with friends


Speak to the CEO

Building relationships beyond banking is a big deal to us. And we’re never too busy to hear from our members. That includes our CEO. Reach out to let him know how we can help.

Missed a CEO Message?

There’s always something happening at Synergy. To make it easy to stay in the loop and see how things have evolved, you can always find past CEO Messages here.

Need Digital Banking Support?

If you need a hand navigating through features and want a better understanding of how to do something new, we’ve put together some interactive video demos to help.

Member Relief Program

We have been here through good times and difficult times with our members for nearly 80 years.

We’re proud of the resiliency of our members and want to ensure they know we are here for them.

Whether it was the oil crash in the 1980s or the recessions in 2008, we have learned many things: one of which is there isn’t a cookie-cutter approach that we can take to meet our members’ diverse needs.

Recently, sustained hot weather and lack of precipitation is expected to have an impact on the bottom line of some of our agriculture members. We know this can be stressful as crops and pastureland in some areas are struggling.

We want you to know Synergy offers flexible options, including mortgage and loan payment relief, combined with tailored solutions in these circumstances.

Please contact us to discuss options, to ask us any questions, or to help you determine what may be best for you. You can give us a call at 1-866-825-3301 or 1-306-825-3301.

We're here to help.

Financial Support for Members

The June 30, 2021 CEBA application period deadline has now passed.

New applicants can no longer apply for a $60,000 CEBA loan or the $20,000 expansion at their financial institution.

To learn more, visit the government of Canada’s Canada Emergency Business Account (CEBA).

What is CERB?

The Canada Emergency Response Benefit was created by the federal government to provide temporary income support to workers who have stopped working related to COVID-19.

Who is eligible?

Individuals who are eligible for Employment Insurance regular or sickness benefits, or who have recently exhausted Employment Insurance regular or fishing benefits may also be eligible.

How much does the benefit provide?

The new Canada Emergency Response Benefit provides $500 per week for a maximum of 16 weeks.

The benefit is available from March 15, 2020, to October 3, 2020. You can apply no later than December 2, 2020, for payments retroactive to within that period.

For more information on CERB:

There are criteria that must be met to apply and the benefit is taxable. We encourage you to visit the Government of Canada's Q&A page for application information.

It is also important to note that this is taxable. We recommend talking to a tax expert about any income tax requirements you should consider.
The BCAP deadline is December 31, 2021.
As part of the federal government’s new $65 billion Business Credit Availability Program (BCAP), Synergy Credit Union and Export Development Canada (EDC) are partnering to provide small- and medium-sized Canadian businesses with financing during the COVID-19 pandemic. 

This program helps businesses access the credit you need to cover payroll and other operating costs during this global health crisis. The EDC BCAP Guarantee provides businesses with up to $6.25 million in credit to cover operational costs like payroll and rent.

How does it work?
If your business needs a new loan to cover operational costs during the COVID-19 pandemic, you may be eligible for the EDC BCAP Guarantee. Proceeds from the BCAP-supported loan cannot be used to repay or refinance existing debt (further restrictions apply to other non-operational costs). Export sales are not required to qualify for the program.

EDC fees related to this guarantee will be deferred for the first six months, giving some short-term relief to your business.

EDC will provide a guarantee to Synergy Credit Union on 80% of the value of your loan. By sharing risk with EDC, we can help your company access the financing it needs.

Please note: the guarantee on the loan is to your financial institution, not your business, so you remain responsible for the full value of the loan.

Next steps:
  • Learn more information about the program.
  • Reach out to your Synergy representative to help decide if the BCAP program is a good fit for your cash flow needs.
  • Fill out the form on the EDC website.
  • Your Synergy representative will follow up with the next steps with you.

The HASCAP deadline is December 31, 2021.

The Highly Affected Sectors Credit Availability Program (HASCAP) is available to Synergy Credit Union business members. The program is intended support to Canadian businesses facing economic hardship demonstrated in revenue decline as a result of the economic environment due to COVID-19.

If you are a qualifying Synergy Credit Union Business member, HASCAP provides you with access to a non-revolving government-guaranteed amortizing term loan between $25,000 up to a maximum amount of $1 million.

  • 4% annual fixed interest rate with a repayment term of 10 years.
  • No principal payments for 12 months from the date of loan advance.

Who can apply through Synergy?

  • Existing Synergy Credit Union members where Synergy is your primary bank or primary lender;
  • Canadian-based businesses;
  • Your business must have been financially stable and viable prior to the current economic situation;
  • You must have received payments either from the Canada Emergency Subsidy (CEWS) or the Canada Emergency Rent Subsidy (CERS) by having demonstrated a minimum 50% revenue decline for at least three months (not necessarily consecutive) within the eight-month period prior to the date of the HASCAP Guarantee application;
  • Businesses that are eligible for CERS/CEWS must have applied for these relief programs before they can apply for HASCAP;
  • The program is intended to exclusively fund the operational cash flow needs of the business or any of its operating subsidiaries (i.e. payroll, rent, utilities, taxes, scheduled debt repayments and other fixed costs) including any costs incurred in retrofitting its operations to ensure its continued viability.

Contact your Synergy Representative today at 1-866-825-3301 to begin the application process.

More details from the federal government are available here.


Please note, the following are not eligible:

  • Businesses whose revenue model is predicated on non-commercial sources such as direct government funding or private donations;
  • Government organizations or bodies (other than an indigenous entity or body) as well as entities in which a government organization or body (other than indigenous entities or bands) owns equity interests;
  • Non-profit organizations, registered charities, unions, or fraternal benefit societies or orders, or a Person in which any such organization owns equity interests [except if it is actively carrying on a business in Canada (including a related business in the case of a registered charity) that earns revenue primarily from the regular supply of property/goods or services and not from non-commercial sources such as direct government grant funding or private donations];
  • Religious organizations, or a Person* in which any such organization owns equity interests;
  • Fundraising vehicles for charities;
  • A Person in which equity interests are held by any single current member of the Parliament of Canada or any single current member of the Senate of Canada other than a Person* whose equity interests are publicly traded;
  • Entities that operate any form of sexually exploitive business or promote violence, incite hatred or discriminate on the basis of race, national or ethnic origin, colour, religion, sex, age or mental or physical disability;
  • Businesses that have been determined to have committed tax evasion.
  • Other terms and conditions apply.
Show us where you feel at home!
Hey members! Have you sent us your local snapshots yet? Help us make your new digital house feel like home by sending us your local photos and you could be featured on our new website, just like this photo from Denise Britton.
Synergy Credit Union uses cookies to improve your experience on our website. By continuing to browse the site you are agreeing to our use of cookies. You can find more information on our use of cookies here