Almost $300,000 awarded in Nova Scotia during First Round of 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 advance their social enterprises to prepare to seek and accept investments. The goal of the IRP is to support these organizations' move towards receiving social finance investment, including through the Government of Canada’s Social Finance Fund. CFC held its first round of funding through the IRP in winter 2020, the results of which are now publicly available here.
Across Canada, 257 organizations have received IRP funding in CFC’s first funding round. In Nova Scotia, the Community Foundation of Nova Scotia has awarded $300,000 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 Community Foundations of Canada for more details about CFC’s funded projects, as well as projects funded through the various partner organizations.
Round Two of the Application Portal Now Open
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 enterprise — selling a good or service with some profits going back into their mission to provide a positive social, cultural or environmental outcome.
Find all the details to apply here.
Resources for Applicants
PDF versions of the application:
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 primary objective of the IRP is not to support the basic “core” organizational and administrative costs of a social purpose organization. The IRP is designed to support access to new services and tools that will catalyze advancement through a special project or initiative. Approved budgets can include a reasonable (up to 20%) allocation to related organizational costs such as staffing, administration, rent and other overhead.
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 the Community Foundation of Nova Scotia will hold two (2) funding rounds before March 31, 2021. The second round will be open to applications from September 8th to October 9th at 5pm PT, 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.