In June 2019, the Government of Canada announced a $50M investment into the IRP Pilot designed to build capacity in social finance. The IRP Pilot ran from August 2019 to June 2021, and many stories have blossomed from it. Community Foundation of Canada’s (CFC) IRP pilot supported over 500 social purpose organizations across 160 communities located across the country.
Based on the success of the IRP Pilot, the Government of Canada renewed its investment with an additional $50M in 2023. CFC is pleased to be able to deliver a 19.5M program to support over 300 social purpose organizations.
The charts below highlight the results of the renewed Investment Readiness Program. They showcase the diversity and variety of projects that social purpose organizations are implementing to build resilience in the sector while tackling tough social challenges.
The data puts a lens on the national and local impacts of the Investment Readiness Program and spotlights the importance of the social finance sector. This investment continues to strengthen the social finance and social innovation sector in Canada, to create conditions for social purpose organizations to be successful and ready for investment.
Types of Social Purpose Organizations Funded
This pie graph illustrates the range of social purpose organizations accepted in CFC’s Investment Readiness Program.
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. The chart highlights how registered charities, not-for-profits, and social enterprising businesses are taking bold steps toward investment readiness as they contribute to the development of sustainable and inclusive communities across Canada.
See types of social purpose organizations supported in the IRP Pilot here.
UN SDGs Supported
Social purpose organizations are working on a range of issues, and their work is helping to advance all 17 of the UN’s Sustainable Development Goals (SDGs). These goals remain central in ensuring economic development happens in concert with thoughtful social action.
Social finance plays a role in helping communities through pressing challenges. It’s encouraging to see the variety of issues being addressed by social purpose organizations and how their work contributes to Canada’s efforts to meet the challenges of the UN SDGs. Successful IRP projects will be:
- Reducing rural poverty by creating profitable local food production models that are healthy and produce little to no waste
- Creating community-supported, environmentally sustainable and permanent affordable housing
- Providing tools for marginalized communities to overcome anxiety rooted in culturally responsive care
- Improving food security through hyper-local vertical farms
See UN SDGs supported in the IRP Pilot here.
Investment Readiness Continuum
Investment Readiness Program is supporting social purpose organizations as they explore, grow and flourish across the country, empowering them to develop along the path from great ideas to investment-ready. The Investment Readiness Continuum highlights the different stages that organizations are in as they move toward investment readiness.
Social finance awareness: Understanding of the social finance market and its suitability to the proposed project.
Business model/plan development: Includes feasibility and viability considerations such as market analysis, strategy, operations, financial plan/ model, legal, technical, risk analysis etc.
Organizational ability: Includes the right corporate (legal) and organizational structure, governance, and people/skills required for project implementation.
Impact measurement and reporting: Stage of impact measurement and reporting plan – intended change, impact metrics, data collection, dashboard for analysis and decision-making, and reporting.
Network development: Includes identifying a list of investors, understanding investor priorities and their alignment with project goals, building personal rapport with investors, developing knowledge of investor terminology and ability to communicate business model meeting all investor pitch requirements.
We are honoured for the opportunity to run this program successfully with the support of our partners.
A variety of organizations work within the Investment Readiness Program ecosystem. CFC is working alongside the Government of Canada to implement the Investment Readiness Program. CFC has also developed training, learning materials and events for social purpose organizations to receive support beyond funding.
Regional Partners: CFC delivers the Investment Readiness Program in collaboration with local community foundations working in partnerships across Canada. Read more about this collaboration here. This program was strengthened by their incredible hard work, local expertise, and drive to support their communities from coast to coast to coast.
Foundation for Black Communities: CFC worked alongside the Foundation for Black Communities (FFBC) to increase the quantity and quality of Black-led SPOs’ social innovation initiatives, support Black-focused, Black-led, and Black-serving (B3) SPOs preparedness to access social finance and provide opportunities for organizational growth and development. Read more here.
Government of Canada: The Investment Readiness Program was made possible through a renewed $50 million investment from the Government of Canada. This $50 million renewed investment from the Government of Canada supports social purpose organizations, such as social enterprises, non-profits, charities and co-operatives, as they strengthen Canada’s social finance market while supporting their communities.
Organizations Funded through the IRP Pilot and the Investment Readiness Program
The following map and list captures successful recipients with signed funding agreements, it will be updated occasionally as any remaining organizations sign their agreements.
IRP Learning Cohort
We are pleased to share that we are working alongside incredible facilitators, including Common Good Solutions, LIFT Impact Partners, Wakopa Financial and Propel Impact, and RADIUS to create an IRP Learning Cohort for successful recipients.
These organizations will provide information, training and coaching to successful recipients selected for the cohort. The cohort aims to enhance organizations’ knowledge, deepen their capacity to acquire and steward investments and to successfully participate in the growing social finance market.
The IRP Learning Cohort will provide tailored coaching that reflects the diversity of the successful recipients to social purpose organizations where they are in their journey toward investment readiness.
The Investment Readiness Program is funded by the Government of Canada.