Southern Alberta community foundations offer a second round of funding through the investment readiness program
The Community Foundation of Lethbridge and Southwestern Alberta, in partnership with the Community Foundation of Southeastern Alberta, is offering a second and final round of funding through the Investment Readiness Program( I RP ). This program is part of a national initiative led by Community Foundations of Canada and funded by the Government of Canada that will provide $18.5 million across the country to seed and grow social enterprise.
Through the IRP, social purpose organizations can apply for a minimum contribution of $10,000 in nonrepayable capital to design, plan, measure, and scale social enterprises to get ready to accept investment and participate in Canada’ s growing social finance market. The IR Pis open to a diverse range of social purpose organizations and businesses, including charities, non-profits, co-ops, and for-profit social enterprise to prepare them to accept future social investment.
“The Community Foundation has been supporting Southwestern Alberta through the various stages of the COVID-19 pandemic with grants to respond to and recover from the impact the pandemic has had on our community ,” said Executive Director, Charleen Davidson .“As we begin to re-open to a new reality, we are proud to offer the Investment Readiness Program to support the innovative ideas of social purpose organizations as they help build a more resilient community.”
A full program description and requirements for eligibility are available online at www.cflsa.ca.
In July 2020, four organizations received non-repayable capital contributions through the first round of IRP funding, totalling $98,660. The Friends of Medalta Society, Lethbridge Youth Foundation, Rotary Club of Pincher Creek, and the University of Lethbridge, each received funding to support projects that will move them along the investment readiness spectrum and prepare them to participate further in Canada’ s growing social finance market.
Important Dates and Deadlines
Applications to the I RP will be accepted between September 8 and October 9, 2020 at 4:00 P.M. through the program’s website, https://cfc-fcc.smapply.ca/. All organizations interested in applying are asked to contact the Community Foundation at I RP@ cf ls a. ca to discuss their project to determine eligibility.
An information session on the I RP application process will be hosted via Zoom by the Community Foundation of Le th bridge and Southwestern Alberta and will be announced at a later date.PleasecontacttheCommunityFoundationatIRP@cflsa. ca for more information.
What are social finance and social enterprise?
Social finance is investment that creates a positive social, cultural, or environmental impact while also generating a financial return for investors. Through loans and investments of this type, social finance can help to give underrepresented voices a platform. Relatedly, a social enterprise is an organization that is mission-driven, aiming to sell goods or provide services to earn revenue while also helping to achieve positive social, cultural, or environmental objectives. About the Community Foundation of Lethbridge and Southwestern Alberta
It’s right there in our name: community. For over 50 years, building a stronger and more vibrant Southwestern Alberta has been the motivation behind our work. Every year, we connect generous donors with causes that are close to their hearts, which helps us award over $800,000 in grants annually to qualified groups throughout our region. Learn more about us at www.cflsa.ca.
About the Investment Readiness Program
Community Foundations of Canada is a partner in the Investment Readiness Program (IRP), which helps deliver capital from the Government of Canada to social purpose organizations preparing to participate successfully in the social finance market. As a regional partner with CFC in delivering the IRP, CFLSA will help prepare local organizations so that they are ready to unlock innovative solutions to social challenges. More information about the IRP is available from www. irp-ppi.ca.