Applications are now closed for the second round.
The Government of Canada’s Investment Readiness Program (IRP) is a new $50M fund that, in partnership with Community Foundation of Canada, aims to help social purpose organizations build their capacity to participate in the growing social finance market. The IRP is also designed to help these organizations prepare for the Government’s broader investment in social finance via the Social Finance Fund, a historic new $755M commitment which is expected to be launched in 2020.
Saskatoon Community Foundation is proud to announce its participation in a provincial consortium, which will be a regional partner to Community Foundations of Canada in the Investment Readiness Program (IRP). The Saskatchewan consortium consists of Saskatoon Community Foundation, South Saskatchewan Community Foundation, Prince Albert Community Foundation and North Battleford Community Foundation along with industry partners.
Purpose of funding
The IRP’s goal is to help social purpose organizations move towards investment readiness. Funding can be used to research, launch, design, measure and scale up social enterprises. A social enterprise is 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.
You may apply to the IRP if you are a:
- For-profit social enterprise
Through Community Futures, non-qualified donees (as defined by the Income Tax Act) organizations such as for-profit enterprises, non-profit organizations, or co-operatives will be able to access this funding.
Funds are intended to be used to access outside expert advice and services or create dedicated staff capacity.
Activities that are eligible for funding may include, but are not limited to: business planning, accounting services, branding, brokerage, financial modelling, impact measurement, investment structuring, tendering and bid writing, legal services, product development, market analysis and understanding, financial recording, negotiation support, management coaching, minor asset purchases to fulfill a contract, and minor renovations to fulfill a contract.
The funds are not eligible for core operating costs. This includes ongoing administration costs, rent or procuring real estate. The funding also may not be used for a single individual; federal, provincial or municipal government agencies (they can be involved but the funding will be made directly to the social purpose organization); and projects outside of Canada.
Social purpose organizations may request between $10,000 and $100,000.
The deadline for applications was October 9, 2020.