An additional $280,120 awarded in Nova Scotia in Second Round
Leading the way ahead of the Social Finance Fund, the Investment Readiness Program (IRP) is designed to help social purpose organizations scale up their social enterprises to prepare to accept investments. The objective is for these organizations to be able to participate in the social finance market and generate a return for investors while having a positive impact on their communities.
CFC’s second IRP application intake from September 8 to October 9, 2020, received over 975 applications and is providing $8.3M of funding to 270 social purpose organizations across the country. This is in addition to the $8.9M and 257 organizations funded during the first round in summer 2020.
In Nova Scotia, CFNS received a high volume of applications for this highly competitive program. IN the end, seven organizations received funding for their projects:
- $35,020 to the Pan Cape Breton Food Hub Co-op, Baddeck
- $66,000 to Habitat for Humanity Nova Scotia, Dartmouth
- $40,000 to Medway Community Forest Cooperative, Caledonia
- $60,000 to LakeCity Works, Dartmouth
- $36,800 to One North End Community Economic Development Society, Halifax
- $25,300 to Independent Living Nova Scotia, Halifax
- $17,000 to Affirmative Ventures, Dartmouth
Visit IRP-PPI.ca for more details about CFC’s funded projects, as well as projects funded through the various partner organizations.
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.
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 that 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 is a social enterprise?
An organization or program that is mission-driven, aiming to sell goods or services to earn revenue, while also helping achieve positive social, cultural or environmental results. Consult our Resources page for more terms and information.