Vancity Community Investment Bank (VCIB) has launched a GIC designed to help businesses impacted by Covid-19.

Investments raised through VCIB’s new Unity GIC will provide financial assistance to businesses and nonprofits affected by the pandemic, according to a release. 

The Unity GIC will be offered for a non-redeemable 12-month term at a 3.00% interest rate at a minimum investment of $25,000, with a maximum investment cap set at $250,000.

The GIC is available to Canadian organizations, including businesses, nonprofits and charities, but not individual investors. 

“By investing in VCIB’s new Unity GIC, clients can earn steady returns while at the same time building resilience in communities and businesses affected by Covid-19,” said Jay-Ann Gilfoy, VCIB chief executive officer.