Canada Announces the Social Finance Fund

New Fund to Open Millions in Funding to Organizations and Social Enterprises

The new Social Finance Fund will give non-profit, charitable and social enterprise organizations a chance to raise more money. This will result in increased jobs, new funders and investors, and more support for a struggling social sector in Canada.

The Trudeau government has promised $50 million for organization to “improve their ability to successfully participate in the social finance market”. While this could mean a lot of things, hopefully it results in training and professional development to make this funding accessible to organizations of all sizes and capacities.

Here’s the exciting part: $755 Million in funding over the next 10 years – in what is the biggest investment in social finance that this country has ever seen! Just imagine what this can do for social change.

The government estimates that we could see the creation of 100,000 new jobs, and $2 Billion in economic activity as a result. The move resulted from recommendations by a steering committee set up by the Senate, and the tireless efforts of convening organizations such as the Toronto-based Centre for Social Innovation. Hats off to CSI for their tireless efforts!

For more information, read the full report which explains social finance, titled Unlocking Canadian Social Innovation here.

Additional sources:
https://www.budget.gc.ca/fes-eea/2018/docs/nrc/2018-11-21_4-en.html
https://sencanada.ca/en/committees/soci/ http://www.sicanada.org/2018/12/13/unlocking-canadian-social-innovation/
https://socialinnovation.org/csi-ceo-addresses-the-senate-special-committee-on-the-charitable-sector/

#SocialFinance #ImpactInvesting #SocEnt

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