[Montréal, QC] — Starting on January 8 2020, Community Foundations of Canada is teaming up with the Chantier de l’économie sociale to amplify the Investment Readiness Program (IRP) in the province of Québec. This partnership allows for the IRP funds in Quebec to be increased from 6 M$ to 8 M$ . Eligible social purpose organizations (SPOs) across the province can apply for up to $100,000 in non-repayable capital to develop their enterprises, grow their impact and better prepare for investment.
This new CFC-Chantier partnership builds on the Chantier’s program design for the IRP in Québec, and will run alongside a similar program that is being administered by CFC in other Canadian provinces and territories. This initiative is part of the federal government’s $50M Investment Readiness Program and broader Social Finance and Social Innovation Strategy. The Chantier and CFC are both mandated by Employment and Social Development Canada (ESDC) to deliver funds through the IRP.
« This partnership means more accessible resources for SPOs in Quebec, allowing them to deploy projects that will heighten their social impact. CFC and the Chantier’s partnership is a testament to the commitment of actors supporting social innovation to work together for the benefit of organizations on the ground. We are happy to count on the promotion, mobilization efforts and expertise of the Community Foundations in Quebec and their partners to ensure this program is well-known and used to good advantage » notes Béatrice Alain, Executive Director of Chantier de l’économie sociale.
“We’re thrilled to be joining forces with the Chantier in Québec to fund social purpose organizations through the IRP. Community foundations across Quebec will help raise awareness of this opportunity, in particular in their charitable sector networks. For charities, the sale of goods and services is an important new tool that combines the opportunity to do good all while providing additional revenue for this sector. Ultimately, it’s about supporting local solutions that will help build stronger, more resilient communities,” says Andrew Chunilall, CEO of Community Foundations of Canada.
The program is open to a diverse range of organizations including registered charities, non-profit organizations, co-ops and private for-profit social enterprises. The program will provide non-repayable capital to design, plan, measure, and scale social enterprises in order to get ready to access investment.
Applications will be open on an ongoing basis, starting January 8, 2020 and ending in 2021. More information about the program is available at Chantier de l’économie sociale’s website.
About Chantier de l’économie sociale
The Chantier de l’économie sociale gathers social economy actors and partners in order to promote and develop the social economy in Québec, thereby contributing to the democratization of the economy through the emergence of a development model based on solidarity, equity, and transparency.
About Community Foundations of Canada
Community Foundations of Canada is the national network for Canada’s 191 community foundations. Together we help Canadians invest in making our communities more sustainable, resilient and inclusive.
About the Program
The Investment Readiness Program (IRP) helps deliver capital from the Government of Canada to social purpose organizations preparing to successfully participate in the social finance market. In Quebec, the Chantier de l’économie sociale, in collaboration with CFC, is the Readiness Support Partners mandated to deploy the program.
Media Contact: Geneviève Vallerand, Director of Communications, CFC
Laurie Mercier, Communications, Chantier de l’économie sociale
firstname.lastname@example.org, 514 899 9916 ext. 405