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Download Our Pathway Report Pathway Report Published April 7th, 2021 1 At a Glance Our Commitment Responsible Lending Working Together Social Impact Introduction What You’ll Find Here Cashco Financial Inc. (Cashco) is a We’ll also talk about the responsibility we champion for the underbanked of Canada. have to our employees and what it means to Over 28% of Canadians defi ne themselves be a Cashconian (hint: we live by our 5 Core as underbanked and those are the people we Values). Our people are the reason we’re service every day. The underbanked are the lender of choice for many who identify as people who do not have access to “underbanked.” For you to understand what mainstream banking. They are often declined that term means, we’ll paint the picture of for credit (including credit cards) and what it means to be an underbanked person therefore depend on alternative fi nancing. in Canada and what poverty looks like in our We’re here for those who don’t have access country. to credit and fi nancial services through traditional mainstream institutions. This is our fi rst-ever Pathway Report and we couldn’t be prouder. Our commitment to Our Pathway to Using Business as a Force you is to publish an updated Pathway Report for Good report (Pathway Report) is designed annually going forward. These pages allow us to help you, our reader, understand how to Communicate Honestly about the reasons Cashco aligns our business strategy with our we exist and the things that drive us. We are overall purpose to provide relief today and keeping ourselves accountable to never stop hope for tomorrow. changing for the better. This Pathway Report will keep us more Let us show you the steps we’re taking to accountable to you in several ways. Our End Financial Exclusion. You might be Report Card tells you the goals we’ve wondering what exactly does fi nancial committed to achieve and the progress we’re inclusion look like to us? How will we know making. This table gives us the opportunity we’ve reached our goal? That will be the to tell you about the hurdles we face while day when every Canadian has access to the working towards our goals and how we plan banking services and products they need. to overcome them. 1 Source: Mintel Group Ltd., (2016). The Underbanked – Canada – February 2016. At a Glance Our Commitment Responsible Lending Working Together Social Impact Table of Contents At a Glance Responsible Lending 01 Introduction 26 Our Client’s Journey 03 Partnerships 27 Empathy: Our Superpower 04 A Message from Our CEO 28 How We’re Regulated 28% Our Commitment Working Together of Canadians 07 Purpose & Core Values 30 The Cashco Consensus: Our People 09 BHAG & Steps to Financial Inclusion 31 Equality, Diversity, & Inclusion identify as 10 Financial Framework 32 Inside Out Underbanked* 11 Cashco’s Way 12 Who We’re Committed To Social Impact 15 Governance & Responsibility 34 Canadians Living in Poverty 17 ConnectingConnecting with OurOur StakeholdersStakeholders 3535 FinancialFinancial InclusionInclusion 2020 SustainableSustainable Development GoalsGoals 38 do good.good. givegive back.back. 2222 OurOur Report CardCard 3939 The VillageVillage 41 OnOn the HorizonHorizon 4242 ConclusionConclusion 43 Intention SStatementtatement Source:Source: Mintel GroupGroup Ltd., (2016).(2016). The Underbanked – CanadaCanada – FebruaryFebruary 2016. 2 At a Glance Our Commitment Responsible Lending Working Together Social Impact Climate Change Our Partnerships Our partnership with Credit Verify allows For those who don’t qualify for a loan on We’re empowered by ATB Financial! This our clients transparent access to their credit their own. CosignSimple acts as a cosigner innovative relationship allows us to give our score, credit monitoring, and education to on their loan, so our client has access to the clients access to the banking services they improve their score. money they need. deserve. Major discounts for our clients during tax The EVERFI team gave us the ability to We work closely with Lady Loans to fi nd the season! Cashco clients get exclusive access develop Cashco Scholars! This program is right loan for the women who enter our doors. to H&R Block software and experts. aimed at fi nancial education for school age Lady Loans creates sisterhoods of support for children. those who choose to borrow with them! 3 At a Glance Our Commitment Responsible Lending Working Together Social Impact Message from the CEO This report gives us the chance to show you what we’re made of. Let us tell you how we’re changing lives, our vision for the future of our business, and how we’re committed to change. — Tim Latimer,rC CEOO Attitude of Gratitude Welcome to our fi rst-ever annual Pathway to empathy, so that when a client visits us they This is done through our fi nancial literacy Using Business as a Force for Good report know they’re in a space that is programs and initiatives. This is something (Pathway Report). I am humbled to share with judgement-free. Our frontline staff members we believe in companywide, and our support you the work that Cashco has been doing and pull on my heartstrings every day because staff work towards innovations and products our goals for our future. they’ve mastered the ability to create lasting that will truly improve our clients’ fi nancial relationships with their clients, just by simply wellbeing. For over 10 years, the team at Cashco has being good humans. been guiding our clients on better fi nancial Our big, hairy, audacious goal (BHAG) is to paths. Our purpose at Cashco is to provide The “hope” part of our purpose is where End Financial Exclusion and I fully believe relief today and hope for tomorrow. things get challenging; hope isn’t as tangi- that the conversations we have within our ble as a healthy credit score or a household four walls every day are key to meeting our The “relief” part is what we accomplish with budget that works. Hope is what we trust goal. our operations every day. We’re the ones our clients feel after they leave a Cashco who open our doors to those who have been branch. Every day, we have conversations Despite the challenges we faced in 2020, our turned away by the more traditional and big about money with people who are struggling team has been moving the needle towards banks. We give access to loan products to fi nancially, and those who don’t see a solution ending fi nancial exclusion. those who have been denied time-and-time to their fi nancial problems. We believe in the again. We believe our superpower to be power of teaching our clients about how they Continued on next page ... can take control of their fi nances. 4 AtAt a GlanceGlance Our Commitment Responsible Lending Working Together Social Impact Message from the CEO COVID-19 hit our entire world hard, and while We found our stride amongst the I strongly believe that we are more than a there was opportunity after opportunity to uncertainty and we got back to the “big loan company. We are an advocate for the reasonably crumble, the people who work at picture” of what Cashco needs to do in the underbanked Canadian who lives pay cheque Cashco are steadfast. Our team shifted to a next 3-5 years. The way our leadership team to pay cheque. We know that access to remote working system—something I never sees it, we have three major goals by 2025: fi nancial services is a right, not a privilege. thought I would see and something we were Financial inclusion isn’t just going to happen not prepared for—within a couple of days of 1. Digital-First Cashco: Digitizing the though. Companies like ours need to exist the country’s fi rst lockdown. I was in awe of product and service off ering in a to help Canadians get access to what they the way our people showed more courage thoughtfully designed omni channel need. than fear. We went to work to fi nd out how we strategy that will serve customer could be accessible in the safest way expectations and the need to I’d like to leave you with three things I hope possible to our clients who needed us now effi ciently and profi tably deliver growth to you keep with you always. If you practice more than ever. the business. gratitude it’ll give you the letter J. If you prac- tice humbleness it’ll give you the letter O. And 2. Balance Purpose & Profi t: Attention if you practice selfl essness you get the letter to both purpose and profi t is required to Y. And if we put them together… I wish upon maintain the company’s key you a whole lot of JOY. diff erentiator, ensure the sustainability of the business and thereby grow its social impact on a large scale. Sincerely, 3. National Partner Ready: A “healthy” balance sheet is required to attract investment and working capital. More importantly, the decisions required to improve the balance sheet will force business decisions rooted in the — Tim Latimer, CEO short-and long-term fi nancial health of the business. 5 At a Glance Our Commitment Responsible Lending Working Together Social Impact History of Cashco 6 At a Glance Our Commitment Responsible Lending Working Together Social Impact OUR COMMITMENT 7 At a GlanceOur Commitment Responsible Lending Working Together Social Impact Purpose 91% Our entire enterprise is designed to accommodate and exceed the needs and expectations of of our team feel good the underserved. We provide relief today by making it easy to get an immediate loan about the way we regardless of current or past credit history.
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