As Canada enters pandemic recovery, social purpose organizations (SPOs) are key to helping our communities tackle some of the biggest challenges.
The data from the second round of results is striking in its variety. The list of projects is geographically broad and includes a varied group of SPOs. These organizations are at different points in their investment readiness journey, serve many different groups and between them support all of the UN Sustainable Development Goals. A varied social finance sector is helping to create more resilient communities that can build back better.
“The pervasive and wide-ranging effects of the global pandemic has placed Canadian communities in crisis. Recovery efforts must be transformative to meet the test of an uncertain, and at the same time, hopeful and prosperous future. Our investments should aim to alleviate the systemic factors perpetuating inequality, with an eye to a sustainable and inclusive economy for all Canadians. Consequently, social entrepreneurs and impact investors form critical infrastructure to lead our recovery efforts and meet the urgency of the moment. Our work with the IRP is about meeting this moment. ”Andrew Chunilall, CEO of Community Foundations of Canada
Types of Social Purpose Organizations Funded
This pie graph illustrates the range of Social Purpose Organizations (SPOs) accepted in the second round of CFC’s IRP.
For many charities, social finance allows them to be more financially resilient. We have also seen how social finance can support cooperatives and not for profits in their social mission. As we look to build back better after COVID, these financially strong SPOs will be able to better support recovery efforts.
UN SDGs Supported
SPOs are working on a range of issues and their work is helping to advance all 17 of the UN’s Sustainable Development Goals (SDGs). Now more than ever, these goals are central in ensuring economic development happens in concert with thoughtful social action.
As we look towards pandemic recovery, social finance can play a role in helping us meet the big challenges. It’s encouraging to see the variety of issues being addressed by SPOs and how their work contributes to Canada’s efforts to meet the challenges of the UN SDGs. IRP projects are already:
- Helping to build a sustainable energy economy
- Supporting Indigenous-led efforts to advance gender equality
- Creating innovative solutions to promote health and well-being
- Providing decent and inclusive work opportunities for people of all abilities
- Working to reduce inequalities by supporting Black entrepreneurs and building wealth
The IRP projects funded in Round 2 continue to show how social finance can be part of how we build more resilient and inclusive communities.
Populations Served by IRP Round 2 Organizations
The IRP is funding projects that build sustainable and inclusive communities. Funded organizations are supporting youth, people experiencing low incomes, women, Indigenous peoples, racialized peoples and more.
The Investment Readiness Program is funded by the Government of Canada.