The Community Foundation of Nova Scotia (CFNS) have just announced a request for applications for the first round of the Investment Readiness Program, the IRP. This program, which will offer successful applicants amounts ranging from $10,000 and $100,000, is designed to assist Canadian social purpose organizations in preparing for the Government of Canada’s broader investment in social finance.
In November 2018, the Federal government announced the Social Finance Fund, an historic $755M commitment to funding development and innovation within the social purpose sector in Canada. Expected to roll out over the next 10 years, the Social Finance Fund is designed to encourage innovative approaches to persistent and complex social challenges. This current call for applications for the IRP is intended to aid social enterprises move towards being investment ready. The funds can be used to access outside expert advice or services or create dedicated staff capacity.
- 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. You can apply if your organization is a charity, a nonprofit, a co-op or a for-profit social enterprise. This application round will run from January 8th to February 10th and all applications can be made through the IRP Application Portal