In Fall 2018, the Government of Canada announced the creation of a Social Finance Fund to be invested over the next 10 years. This Fund includes the $50 million of the Investment Readiness Program that will be over two years to help social purpose organizations to improve their ability to successfully participate in the social finance market. In the pilot project, the IRP funded 59 co-operatives. In total, they received 3,4M$.
Through the IRP, co-operatives and other social purpose organizations can apply to get funding in order to :
- Get help to do market analysis,
- Develop new products and services,
- Build a business plan,
- Acquire technical expertise.
By building on existing supports to give impetus to community solutions, the federal government’s social innovation and social finance initiatives aim to encourage the participation of community groups, including co-operatives, so that these groups offer lasting solutions to social challenges and persistent environmental issues.
For more information visit the Discussion guide for the Investment and Readiness Stream of the Social Finance Fund.