NAFC Announces Second Call for Investment Readiness Program Applications
OTTAWA, Jan. 26, 2023 (GLOBE NEWSWIRE) -- The Investment Readiness Program is an ESDC funded initiative that seeks to support social purpose organizations (charities, non-profits, co-operatives) as they develop their social enterprises, and work towards goals of becoming investment-ready in Canada's growing social finance market. The NAFC is working alongside Chantier de l'économie sociale, Community Foundations of Canada, Canadian Women's Foundation and the Foundation for Black Communities in delivering $50 million in IRP funding to SPOs across the country. In particular, the NAFC is working to ensure that Friendship Centres and other urban Indigenous social purpose organizations have access to capital to develop, start and grow their social enterprises. These organizations have historically faced significant barriers in accessing capital to participate in Canada's economic systems and growth.
In the previous iteration of the IRP, the NAFC exclusively funded Friendship Centres, however the NAFC has opened its IRP to all urban Indigenous social purpose organizations. Funded urban Indigenous SPOs, Friendship Centres included, address significant social needs in their respective communities and have a historical track record of creating positive impacts in their community. In the last funding round of this IRP the NAFC contributed over $2 million in Investment Readiness Program funding to 28 urban Indigenous social purpose organizations from coast to coast to coast
The NAFC is now prepared to begin accepting applications for its second round of IRP funding. Applications will be accepted from January 30th until February 13th 2023. Applications, funding criteria, eligibility and the submission portal can all be accessed on the NAFC website.
Applicants may apply to one of the three NAFC IRP funding streams:
- Explore Stream (up to $45,000)
- Start Stream (up to $150,000)
- Grow Stream (up to $150,000)
More information on the funding streams can be found on the NAFC website. Additionally, the NAFC will be hosting an information Webinar on the IRP application process on Friday, February 3, 2022 at 1 PM EST. Follow this link to access the Webinar on Zoom.
Organizations may only submit one application for consideration per application cycle. All applications will undergo an internal review process by NAFC staff to determine eligibility and suitability of projects. The NAFC reserves the right to make all final funding decisions, for questions regarding the application and review process please contact the NAFC Programs Manager, Shady Hafez at [email protected].
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