For immediate release
Ottawa, September 8 2020 – Community Foundations of Canada is pleased to announce a second application period for the Investment Readiness Program from September 8, 2020 to October 9, 2020. Working with 24 Regional Partners across Canada, CFC is offering eligible social purpose organizations the opportunity to access from $10,000 to $100,000 in non-repayable capital.
Following a first funding round earlier in 2020, IRP non-repayable capital is already helping social purpose organizations take steps towards being investment ready. IRP is funding services such as business and strategic planning, marketing services, financial and tax services, legal and risk management services and market research. By accessing these services, social purpose organizations are increasing their own capacity and preparing for the investment, including through the Government of Canada’s Social Finance Fund, would provide.
Social purpose organizations, which include charities, not for profits, co-ops and for-profit social enterprises, are key to Canada’s recovery efforts to build back better after COVID-19. Social enterprise is creating meaningful jobs, advancing new revenue possibilities and addressing social, cultural and environmental challenges.
- 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.
- CFC’s IRP stream is hosted and administered locally by 24 community foundations working with 19 sector organizations across Canada.
- All of CFC’s IRP funding for the Quebec region has already been distributed in collaboration with a program led by the Chantier de l’économie sociale. Applicants from Quebec are not eligible to apply for funding in the second round of CFCs IRP.
- 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.
“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
“Social purpose organizations across Canada are doing incredible work. As Canada enters a period of pandemic recovery, it’s crucial we continue to invest in organizations who are helping us think and do things differently. We don’t want to go back to the status quo. We want to build back better, and create more resilient, sustainable and inclusive communities, where economic opportunities are fair, the benefits of wealth are shared. Part of that is also ensuring we fund a diversity of organizations and leadership in this space, including the innovation of Black, Indigenous and People of Colour.”Andrew Chunilall, CEO of Community Foundations of Canada
Jacqueline Reid, Communications Manager, Special Projects: email@example.com