Six Organizations Receive Funding Through Investment Readiness Program
Almost $300,000 awarded in Nova Scotia through Investment Readiness Program
In 2019, Community Foundations of Canada, alongside the Government of Canada and several partner organizations, announced the Investment Readiness Program (IRP), a program that helps social purpose organizations scale up their social enterprises to prepare to accept investments. The goal of the IRP is to support these organizations in the social finance market, generating a return for investors while having a positive impact on their communities. CFC launched its first round of funding through the IRP in January of 2020, the results of which are now publicly available here.
Across Canada, 257 organizations have received IRP funding in CFC’s first round of applications. In Nova Scotia, the Community Foundation of Nova Scotia has awarded $297,735 in funding to six organizations:
- Akoma Holdings Incorporated
- Dartmouth Adult Services Centre Association
- Elizabeth Fry Society of Cape Breton
- H.R.D.A. Enterprises Ltd.
- Summer Street Industries Society
- Yarmouth Association for Community Residential Options (YACRO)
Visit IRP-PPI.ca for more details about CFC’s funded projects, as well as projects funded through the various partner organizations.
Second Round of Funding Announced
We are pleased to announce the dates for the next application period for IRP funding via Community Foundations of Canada. From September 8 to October 9, 2020, social purpose organizations will be able to submit applications for projects to advance their readiness to receive investments.
Eligible organizations could receive from $10,000 to $100,000 in non-repayable capital to develop their enterprise. Charities, non-profits, co-ops and for-profit social enterprises, may all apply if they have an existing business or a business idea that fits the definition of a social en- terprise — selling a good or service with some profits going back into their mission to provide a positive social, cultural or environmental outcome.
What is the Investment Readiness Program?
The Investment Readiness Program (IRP) is a program that is designed to help social purpose organizations prepare for the Government of Canada’s broader investment in social finance via the Social Finance Fund, an historic new $755M commitment which was announced in November 2018 and is expected to roll out over 10 years.
The IRP’s goal is to help social enterprises move towards being investment-ready. Funding can be used to research, launch, design, measure and scale up your social enterprise. Funds are intended to be used to access outside expert advice or services or create dedicated staff capacity. Community Foundation of Nova Scotia is one of 20 community foundations across Canada who are partnering with the Community Foundations of Canada (CFC) to deliver, promote and implement the IRP in our region.
- Exploring a new business idea or developing a business plan to test feasibility
- Creating a marketing plan to reach new audiences and increase revenue
- Planning new products or services to grow revenue
- Preparing the documentation needed to approach potential investors as you move towards taking on investment capital
The funds are not eligible for use towards core operating costs. They should move your enterprise forward along the spectrum from idea to investment-ready.
What are the amounts of funding available?
Social purpose organizations can request between $10,000 and $100,000.
What is a social enterprise?
An organization or program that is mission-driven, aiming to sell goods or services to earn a revenue, while also helping achieve positive social, cultural or environmental results. Consult our Resources page for more terms and information..
Who can apply?
You can apply to the IRP if you are a:
- For-profit social enterprise
Applicants are required to submit their applications via the same online portal.
When can I apply to the IRP?
CFC and CFNS will hold up to three (3) funding rounds before March 31, 2021. The first application period ran from January 8, 2020, to February 10, 2020. Successful applicants will be notified by the end of April 2020. The second round of funding will be held in Fall 2020.
How do I apply to the IRP?
Interested applicants can submit via the IRP application portal. The portal will be re-open to accept applications later in the year.
Need help with your application?
Coaching resources are available through this program. Find your coach here.
For additional information, you can also visit the IRP website.