By BC Co-op Association, shared with permission
The Investment Readiness Program (IRP) is a 2-year $50 million pilot program designed to help advance Social Innovation and Social Finance in Canada by building on existing supports to help catalyze community-led solutions to persistent social and environmental challenges. The pilot will provide a learning opportunity to inform future direction on how best to support and mobilize the social finance sector. The program will provide time-limited investments to support co-operatives and a broad range of social purpose organizations in improving their capacity and ability to participate in the social finance market, access new investment and contract opportunities, and support them throughout the innovation cycle.
Readiness support partners (Community Foundations of Canada, Chantier de l’économie sociale, Canadian Women’s Foundation, National Aboriginal Capital Corporations Association, National Association of Friendship Centres) will be administering a large part of the IRP on behalf of the Federal Government. These organizations are starting to establish processes to fund and support a broad range of social purpose organizations across Canada so they can access tailored expertise to become better positioned to take advantage of financing opportunities that will become available through the Social Finance Fund, as well as other investment opportunities.
Currently the Canadian Women’s Foundation is accepting applications and we expect more of the Support Partners to come online soon with their processes. We will keep you posted as they do!