Two Grand Manan residents are working on a project to address both Scotiabank's departure from the community and the inconvenience of accessing mainland medical services. Michael Munro, a military veteran, is the pharmacist who took over Grand Isle Drug Store two years ago from retiring founders Glenn and Margaret Gilmore. On Monday, January 9, he and his partner Lauren Martin made their first public presentation at the village council meeting. Their "Health and Wealth" plan would see the former bank building transformed into a combined health clinic and island credit union.
      The seeds of the project were planted in the fall of 2021, when they considered creating a clinic in or near the drugstore to provide "paramedical services" that the hospital does not. Renovation and building requirements were "too challenging" at Grand Isle. But the subsequent bank closure left a building they see as a "perfect fit." Discussion of that plan with the village council morphed into the creation of a credit union.
      Munro was already working with Bayview Credit Union after the banks gave him "a runaround" when he sought to finance Grand Isle. He says Scotiabank didn't seem to think the combined general store and drugstore counted as a pharmacy, whereas Bayview told him they could "have it done in a week." He points out that bank closures are "a Toronto decision, an Ottawa decision," whereas credit unions offer local customer service and local autonomy, are tailored to a community and must have a community plan. For the price of a share, perhaps between $5 and $25, customers become members who set up a board of directors. Deposits have a "higher personal threshold" than the Canada Deposit Insurance program and are underwritten by each province. Each type of qualified account up to that threshold is guaranteed by the New Brunswick Credit Union Deposit Insurance Corporation. There is an Atlantic Canadian Credit Union Association, and the Financial Consumer Services Commission regulates them.
      Proposed services include basic personal and business banking, chequing, savings, guaranteed investment certificates (GICs), retirement savings plans (RSPs) and tax-free savings accounts (TFSAs), as well as coin and currency exchange and access to credit union ATMs. "We don't want to do too much too fast," Munro says; there will be a "low degree" of lending to begin with, due to limited means, but if the venture succeeds, long-term goals could include loans, mortgages or credit cards. Munro thinks three to six full-time and several part-time jobs will be created. Some of the former bank employees attended the council presentation, and he says he'd like to hire as many as possible.
      Over the past year, Munro and Martin have had multiple meetings about both ventures with village staff and councillors, the premier's office, New Brunswick Senator Jim Quinn, MLA Andrea Anderson-Mason, a building inspector, contractor and the Rotary Club. Security and IT assessments have been done, and they have a draft building design and two-year pro forma budget. They have drafted an application for provincial support from the Regional Development Corporation. A member of Quinn's staff told them how a comparable island in British Columbia got a "remote community" designation, which they feel would be beneficial to Grand Manan.
      Ten participants and $500,000 worth of capital are required to establish a credit union, and they have achieved that, announcing the investors' list at the council meeting.
      On the healthcare side, "rotational practitioners" from the pair's network that are already committed could provide dental hygiene, physiotherapy, osteopathy, athletic therapy, acupuncture, phlebotomy, massage, nursing services and medical esthetics. They are looking for a full-time dental hygienist, as well as an optometrist, audiologist and chiropractor. Other goals include mental health workshops and diabetes and hypertension clinics. Martin's list of "supplementary services" includes relaxation and lymphatic drainage massage, facials, chromotherapy, infrared sound, cold plunge, red light and pulsed electromagnetic field therapies. Membership and facility fees will apply above the practitioner or service fees and will cover the cost of renovation, regulation and transportation.
      The 3200-square-foot building is in relatively good shape for its age, Munro says. The "reimagined space" will divide the building roughly in half with a reinforced wall, meeting rooms and a new washroom. They are seeking grants that will define the extent of the healthcare services but hope to begin those in late spring or early summer with a "phased opening" as renovations progress. A small building or mobile home in the parking lot could provide accommodation for visiting practitioners. The credit union aspect will take longer, as there are more regulatory approvals to navigate.
      Mayor Bonnie Morse says the community's support "is going to be key" and observes that the past year has shown the importance of having local community financial services. She is hopeful that residents will step forward in acknowledgement of that and support both ventures.
      Munro sees the venture as "a chance to turn the tide," as the island has lost so many services, and an opportunity to make Grand Manan more independent. "We're optimistic but still cautious," he says. "This is the beginning of the process." Feedback from residents as their social media went live has been very positive.
      For information, people are encouraged to email GrandMananCreditUnion@gmail.com and join the Facebook group at www.facebook.com/groups/grandmanancreditunion, where there is a link to a survey to determine people's interest in membership and services.