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. Since then, IRP has had two intake periods and has supported many social enterprises in each round. 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 second round of funding through the IRP in September of 2020, the results of which are now publicly available.
Saskatoon Community Foundation is proud to announce its role as the Regional Hub, a regional partner to Community Foundations of Canada and the Government of Canada in the the newest round of the Investment Readiness Program (IRP). We will work with other Saskatchewan community foundations, such as South Saskatchewan Community Foundation, Prince Albert Community Foundation and North Battleford Community Foundation, along with industry partners, to make recommendations for the program.
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 $75,000.
The 11 Saskatchewan organizations receiving first round funding totaling $403,350.
The deadline for applications is November 22, 2022