Six Organizations Receive Funding 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 NS, 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, and the 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 second and final 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.
Before applying, we encourage applicants to read program materials carefully and familiarize themselves with the IRP's goals. The IRP's mandate is to support social purpose organizations that wish to (or are already) generating a revenue from the sale of goods or services and want to grow their capacity to receive additional investment, whether through loans or equity.
Social purpose organizations can start preparing their applications today using the information on the Community Foundations of Canada website.
How do I apply to the IRP?
Interested applicants can submit via the IRP application portal, which will be re-open to accept applications on September 8th, 2020.
We look forward to the second round of applications and seeing the innovation and strength of Nova Scotia’s social purpose sector once more.