Supporting social purpose organizations will be key to Canada’s economic, social, cultural and environmental success today and in the future. In communities across Canada, social purpose organizations’ social enterprises are operating at many different stages of development. Some may be doing incredibly innovative work but may not consider themselves social enterprises and/or may not be aware they can access different types of financial support for their work. Some are working with an innovative idea in its early design stage. Others are more developed, and might be looking for resources to scale their work. In short, social purpose organizations across Canada are at widely differing stages of ‘readiness’ to receive investment. One thing is certain: these organizations are key levers in creating more resilient, equitable and sustainable communities of the future.
The IRP aims to address the issue.
In June 2019, the Government of Canada launched the Investment Readiness Program (IRP), a new $50M fund whose aim is to help social purpose organizations’ (charities, non-profits, social enterprises, for-profits with a social purpose and co-operatives) social enterprises build their capacity to participate in Canada’s growing social finance market. The IRP is also designed to help social purpose organizations prepare for the Government of Canada’s broader investment in social finance via the Social Finance Fund, a historic new $755M commitment which was announced in November 2018 and is expected to roll out over ten years. Alongside other partners in the sector, CFC is thrilled to be playing a role in delivering the IRP.
Our first step: recruiting community foundations as Regional Partners
Our first step is to secure partners across the community foundation movement to help allocate the funds in communities across Canada and raise awareness about the program. In the fall of 2019, we are looking to community foundations who may be interested and well-placed to work with us on this exciting initiative and become IRP Regional Partners (either independently or as part of a consortium of local actors).
Are you a social purpose organization keen to learn more? Stay tuned for more information!
If you are a service provider or social purpose organization, follow us on Twitter, Facebook, Instagram or LinkedIn or check back on this page for updates for program eligibility and application deadlines in December 2019.