Synergy Credit Union is distributing $14 million in profit shares to more than 27,000 members today across 12 communities in northwestern Saskatchewan including the main Lloydminster branch.
The distribution is timed to celebrate national Credit Union Day on Oct. 17.
Synergy's chief financial officer, Christine Tucker shared the news while providing a snapshot of the national, provincial and local economies at the Lloydminster Economic Breakfast. It took place in the Prairie Room at Lloyd Ex on Oct. 16.
Tucker was one of many speakers at the third annual breakfast presented by the City of Lloydminster.
"It's an opportunity for our businesses to get to know our individual business units within the city," explained the city's economic development officer, Kaitlin Ducherer.
"We have procurement, business licensing, social programs and services."
The city's economic development team covers the land division, economic development, business attraction and retention, tourism, marketing and diversification functions.
Representatives from the city's business partners including the Lloydminster Chamber of Commerce, the East Central Innovation Network, Startup Lloydminster and Community Futures were also on hand with information booths.
Ducherer also provided an economic update from the city, noting there's been a significant increase in institutional, commercial and residential building permits from 2019-24.
"The trend is headed upwards. It's been a long time coming," she said.
Another positive metric is the current tally of 1,865 registered businesses in relation to the city's population of just over 33,000.
"That is a very large number of registered businesses. That is something we can be really proud of," said Ducherer.
"A lot of those businesses are local and not franchises."
Ducherer also noted the city is seeing the highest hotel occupancy rate since 2017 at just over 56 percent thanks to the Cenovus turnaround and the Sask Summer Games earlier this year.
The release of the Games' Economic Impact Assessment at council on Oct. 15 shows the net economic benefit, as gross domestic product, was $3.76 million for Canada, $2.64M for Saskatchewan and $1.78M for Lloydminster.
The July 21-27 Games supported tax revenues totalling $1.1 million across Canada.
"It's really important to celebrate this part of the event," said Ducherer, meaning the economic spinoffs.
The economic assessment used the methodology of Sports Tourism Canada and included surveying 422 visitors on how much they spent during the Games etc.
Ducherer also told the breakfast meeting, the air services master plan for the Lloydminster Municipal Airport will be presented at council on Oct. 21.
"That looks at how we lost our services in the spring and what we're doing to potentially attract a commercial air service to the Lloydminster Municipal Airport," she said.
Ducherer then introduced guest speaker Jess Tetu as a national award-winning philanthropist and entrepreneur.
She is the owner of five Just For You Day Spa locations in Sask. and Alberta including one in Lloydminster and calls Saskatoon home.
Tetu was born and raised in Creighton Sask. and spoke a bit about her business and herself before delivering an emotional keynote speech on critical thinking and crisis management.
"We are a full day spa. We offer massage therapy, facials, pedicures, manicures all sorts of beauty services and relaxation," said Tetu.
She says being an entrepreneur has been been quite a journey for her and she touched on some of the keys to success in running a business.
"I think tenacity, dedication, hard work, goal writing and networking," she said.
"Coming to events like this morning is super important and building your networks of support systems and hiring a really incredible team."
The next event on the city's economic calendar is a procurement breakfast at Lloyd Ex on Dec.
Read more: Mayor and council off to Red Deer
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