Social enterprises, finance and innovation in Canada gets $22M boost from the federal government

MONTREAL, June 12, 2019 /CNW/ - Community Foundations of Canada welcomes today's announcement of  $22 million from the new Investment Readiness Program. This investment will allow community foundations and partners from across the country to support local innovation, social enterprise and social financing to tackle some of our most pressing issues like climate change and affordable housing.

"We are thrilled to be coming to the table in a unique partnership with government and other actors in the sector to work differently and creatively," says Andrew Chunilall, CEO of the Community Foundations of Canada CEO. "The Investment Readiness Program will help a wide range of organizations to seed and grow their social enterprises and be better positioned to flourish as the federal government's social finance strategy continues to roll out. This will help grow impact investment momentum on the part of community foundations and other sectors."

Through CFC, community foundations and other partners across the country will flow funds directly to social purpose organizations such as charities, non-profits and for-profit social enterprises. This will help them access what they need to build their own capacity and readiness for social finance, investments that create positive social and environmental impacts, as well as financial returns. The Responsible Investment Association estimates that in 2017, the Canadian impact and responsible investment market totalled $9.2 billion.

CFC will also be playing a role in raising awareness of the Investment Readiness Program across Canada, convening a range of participating partners and leading a process to conduct a developmental evaluation of its success.

Today's announcement, which the government describes as a "new tool to help solve big challenges," is in advance of the $755 million Social Finance Fund. It is part of the implementation of several recommendations from the Social Innovation and Social Finance Strategy Co-Creation Steering Group that the government has committed to implementing, that align the public sector and civil society around inclusive growth.

Community Foundations of Canada is the national network for Canada's 191 community foundations. CFC's purpose is to relentlessly pursue a future where everyone belongs. Combined, the network holds $5.8 billion in assets and reaches 90 per cent of Canadian communities.

SOURCE Community Foundations of Canada