Episode 5: Building Assets Brings Opportunity

17 November 2021

In this episode, VCC’s Meaghon Reid sits down with Momentum’s Jeff Loomis to talk about financial empowerment, innovations like the QUBER Savings App, skills training for the growing tech industry and more.

Published 17 November 2021

Updated 6 April 2022

This episode of Let's Talk Poverty discusses how debt traps ensnare people and how assets and savings can bring opportunities. It also examines some of the steps being taken along Momentum’s reconciliation journey, and why investing in the local economy and adopting social procurement policies are valuable practices.

In this episode

  • Barriers to opportunities that people face with debt traps like payday lending. Significant research supports that even $500 of emergency savings has a significant impact on reducing the rates of eviction and taking out high-cost loans.
  • Insight on how technology is playing a huge role in increasing access.
  • Why Momentum believes in helping people get better jobs – the value of skills training and helping people move from survival jobs into career-track employment.

Three key takeaways

  • How financial empowerment creates opportunities for people not only to be able to manage their money, but actually move towards greater financial security – “without income people can’t get by, but without assets people can’t get ahead.”
  • Understanding some of the small but meaningful steps in Momentum’s reconciliation journey and the actions they’ve taken over the past year.
  • Why local business is core to the local economy and how policies around social procurement will lead to the best value for the dollars being spent.

Additional Resources

About Jeff Loomis

Jeff has worked at Momentum for over 12 years (7 as Executive Director) – a change-making organization that combines social and economic strategies to reduce poverty in Calgary. Jeff graduated with his Bachelor of Arts degree and Master’s degree in Environmental Design from the University of Calgary. He also has a Certificate in Non-Profit Management from Mount Royal University. After meeting at the University of Calgary as members of the men’s and women’s basketball teams, Jeff and his wife are now proud parents of a teenager, pre-teen and toddler who are all full of positive energy.

About Momentum

Momentum is a change-making organization that acts as a bridge by taking an economic approach to poverty reduction and adding a social perspective to economic development initiatives. Their programs are holistic, covering everything from financial literacy, entrepreneurship and employment training, to developing communication skills, building self-confidence and establishing positive social networks. Momentum partners with people living on lower incomes to get good jobs, create jobs through self-employment and save money to build their assets. They work with governments and local businesses to create a more inclusive local economy. Momentum was recognized as a social innovation leader by the United Way of Calgary and CCVO.

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