[Ottawa, 22 July 2020] – Community Foundations of Canada (CFC) today announced the 257 social purpose organizations working in 73 communities across Canada that have received funding through its first Investment Readiness Program funding stream. An additional 64 have received support through CFC’s collaboration with the Chantier de l’économie sociale in Québec in 10 major regions across the province. The full list of results can be found on the CFC and Chantier’s respective websites.
A second application intake will begin on September 8, 2020. The IRP’s goal is to help social purpose organizations – including charities, non-profit organizations, co-ops and for-profit social enterprises – advance their capacity to receive investments and grow their impact in addressing pressing social, cultural and environmental needs in communities across Canada. A number of other national intermediaries and service providers are also funded through the Government of Canada to deliver the program.
- The Investment Readiness Program is a highly competitive program. There were over 1,350 applications in CFC’s first IRP intake. Projects that have received funding showcase the diversity of social innovation across Canada and include organizations serving youth, people experiencing low incomes, women, Indigenous people, the environment, and many others. Examples include projects that are:
- Providing mental health support to Black men experiencing poverty;
- Supporting Indigenous-led arts retail stores that strengthen economic opportunity and create more inclusive cities;
- Creating sustainable and accessible menstrual products reducing inequality and having a positive climate impact;
- Using impact investment to provide affordable mortgages within conventional housing developments.
- This round of recipients represent organizations at all levels on the “investment readiness continuum.” Most recipients identified themselves in a “post start up phase” and working on preparing for investment,” using the IRP funding to develop their business model, use data for planning and impact measurement, diversifying their funding sources and researching prospective investors. Atlantic Canada registered the highest percentage of organizations funded which listed themselves in the start-up phase.
- CFC’s IRP stream is hosted and administered locally by 24 community foundations working with 19 sector organizations across Canada. In Québec, CFC collaborated with several foundations and the Chantier de l’économie sociale to implement the program.
- Social purpose organizations – which include charities, non-profits, co-ops and for-profit social enterprises – are seen as key to Canada’s COVID-19 recovery efforts to #BuildBackBetter and ensure a #JustRecoveryForAll.
- CFC’s second application period starts September 8, 2020, when the online application portal opens. Social purpose organizations interested in preparing their application ahead of time can consult the FAQs, program guidelines and materials on CFC’s website.
“The last few months have been a very challenging time for Canadians as well as the social purpose organizations that support them. I am proud of the Investment Readiness Program and its contribution to the recovery of these essential organizations, as well as its role in their growth. The goal is not only to have them survive, but to thrive so that they can continue to have positive impacts in their communities.”The Honourable Ahmed Hussen, Minister of Families, Children and Social Development
Communications Manager, Special Projects
Community Foundations of Canada