OCTOBER 26, 2024 • WESTMAN BUSINESS • THE BRANDON SUN
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Westoba building upon its roots in rural Manitoba
Every day, we’re building a culture of integrity,
Wheat chaff spreads out from a combine under a sunny blue sky during a late summer harvest on 80 acres just north of Brandon. (File/The Brandon Sun)
Leasing is a great financial tool for businesses, its key benefit being that borrowers can claim the entire lease expense in the first year, unlike financ- ing transactions where only the pay- ment amount can be claimed as an expense. “Leasing can improve cash flow be- cause it normally requires less initial capital upfront when compared to pur- chasing, which in turn preserves work- ing capital,” she says. Lease payments can often be written off as a business expense, reducing tax- able income and providing tax savings. “This can be advantageous for mem- bers with high income, allowing them to significantly reduce their net income by deducting the full lease amount. It’s a smart way to manage taxes and opti- mize financial outcomes,” she says. Westoba’s Business High Interest Savings Account (BHISA) offers com- petitive variable interest rates with dai- ly interest calculations. “Most businesses can qualify and it’s a great option to augment their saving strategy while keeping money accessi- ble,” she says.
developed, personalized long-term r e l a t i on - ships. Dedicated to support- ing local or- ganizations, employees volunteered over 1300
ness pur- chases with- out straining cashflow. “My team and I offer expert ad- vice so busi- nesses avoid pitfalls that may be com- mon in their
BY WENDY KING W hen rural Manito- bans seek finan- cial services, they want to talk to someone who understands, so Westoba Credit Union strives to make financial services more than just business. They make it personal. Westoba Credit Union is a full service financial institution that puts its com- munity first, providing expert finan- cial advice specifically targeted to the needs of its 37,000 members. “Every day, we’re building a culture of integrity, collaboration, and inno- vation, to better serve our employees, members, and communities,” says Me- gan Daly, manager of business bank- ing for Brandon and rural at Westoba Credit Union (westoba.com). She says Westoba is proud of its lega- cy of community re-investment, prior- itizing local businesses, and carefully
collaboration, and innovation, to better serve our employees, members, and communities” – MEGAN DALY, MANAGER OF BUSINESS BANKING FOR BRANDON AND RURAL AT WESTOBA CREDIT UNION
hours in 2023. Westoba’s Inspire In- vestment Program has funded over 35 local multifunctional projects since 2017, totalling over $210,000. “From a new kitchen for the Douglas Community Centre to the new arena boards for Westman Volt Hockey, we’ve had a positive impact in our communi- ties,” says Daly. Westoba innovates to tailor services with a multifaceted approach that meets the unique needs of various in- dustries and businesses in Manitoba. “We offer cashflow management in- cluding cashflow forecasting - helping members anticipate and plan for fu- ture financial needs,” says Daly. Westoba offers flexible lines of credit to manage short-term gaps. Solutions for inventory management include financing options that facilitate busi-
industry; things we’ve learned through experience in years of banking and lis- tening to our members,” she says. She cites innovative solutions for farmers like grain ticket loans. “A farming member might sell their grain in November but defer the in- come to January 1st. We provide a tem- porary loan against this future income, allowing them to access cash imme- diately to cover current expenses and reduce their tax burden for the year,” she says. “When the grain cheque is issued in January, we use it to repay the loan. “This approach helps farmers man- age their finances more effectively by deferring income while increasing cur- rent year expenses. It’s a creative way to support our Westoba members’ fi- nancial needs.”
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