Over the past number of years, there has been a staggering growth in; (A) the number of alternative banking businesses and (B) the number of firms that specialize in personal bankruptcies. These 2 emerging trends point towards the need for increased financial literacy education.

Originally established in 1995 and formerly named The Edmonton Community Loan Fund Society (ECLF), as a non-profit organization its mandate was to provide low-income residents of the Edmonton area a viable alternative to acquiring small business loans when more conventional options were exhausted.
In recent years, the organization noted that the demand for these types of loans was declining. However, it continued receiving a high volume of inquiries with regards to accessing personal loans, consolidation loans and payday loans. This trend of ever increasing personal debt pointed towards a deeper need in the Edmonton Community…..the need for financial literacy education.

Today, the organization’s focus has shifted to providing financial literacy courses to those in need. On January 24, 2006, the organization officially changed its name to the Edmonton Financial Literacy Society (EFLS) in order to better reflect the type of programs and services that it is presently providing to the community. Currently, in partnership with other non-profit organizations, financial literacy courses are being delivered to low income, marginalized population segments & youth.