Many of our clients run or are considering a social enterprise. Even more are looking for new sources of funding. If this sounds like you, read on!
In case you missed it, the Government of Canada announced a Social Innovation and Social Finance (SI/SF) Strategy late last year, with an update in June. In preparation for the launch of the Social Finance Fund in 2020, the Government is implementing an Investment Readiness Program (IRP) with several collaborators. “The Government will work with these partners to invest $50 million over two years to help social purpose organizations (SPO) become investment ready and access the new Social Finance Fund, set to launch in 2020.”
While details of the IRP and Social Finance Fund are still being developed, the Readiness Support Partners (who will make funding available) have been identified, and as we understand it, will be issuing small grants for organizations to build capacity to be ready for bigger social finance investments. These are the Readiness Support Partners:
- National Aboriginal Capital Corporations Association
- Community Foundations of Canada
- Chantier de l’économie sociale
- Canadian Women’s Foundation
The Government has also identified the providers of Ecosystem Mobilization Initiatives (to address key systems gaps) including CCEDNet, the McConnell Foundation and the Centre for Social Innovation; and Expert Service Providers (who will offer specialized knowledge) including McConnell/Innoweave and SVX. See the full list of partners at the link below.
At the same time, the Government is creating a Social Innovation Advisory Council and is accepting applications until September 2nd, 2019. They are seeking citizens outside of government with expertise in social innovation, social finance, or social procurement practices. Is this a fit for you?
We will share more information as it becomes available. In the meantime, you may wish to reach out to the identified partners directly. We are also happy to chat with any organizations interested in pursuing IRP opportunities.
- News Release (June 12, 2019): https://www.canada.ca/en/employment-social-development/news/2019/06/building-an-economy-that-works-for-the-middle-class.html
- Backgrounder (with list of IRP partners): https://www.canada.ca/en/employment-social-development/news/2019/06/backgrounder-investment-readiness-program-funding-recipients.html
- Apply for Social Innovation Advisory Council: https://www.canada.ca/en/employment-social-development/programs/social-innovation-social-finance/call-applications.html