Announcements & Press Releases | January 9, 2020 at 11:53 am
For Immediate Release
January 9, 2020
Regina, SK – Women Entrepreneurs of Saskatchewan (WESK) is proud to be part of the Saskatchewan Consortium of organizations working to do good for our community. Eligible social purpose organizations are able to access up to $100,000 in non-repayable capital through the Investment Readiness Program. This is part of a national initiative led by Community Foundations of Canada and funded by the Government of Canada as a first stage towards its $800 million commitment to fund social innovation and social finance across Canada.
The first stage, called the Investment Readiness Program (IRP) is open to a diverse range of social purpose organizations and businesses including charities, non-profits,co-ops and for-profit social enterprises. The program provides opportunities to support more innovative, sustainable and inclusive approaches to pressing social challenges in communities across Saskatchewan. IRP provides a boost to new or established social enterprises, so they can scale up and get ready to accept investments. It invites community-led solutions to persistent social, cultural and environmental challenges. The program can provide $10,000 to $100,000 in non-repayable capital to design, plan, measure, and scale social enterprises in order to get ready to accept investment.
“We are excited to be a part of this Consortium of organizations that includes 3 other Community Foundations: Saskatoon, Battlefords & District, and Prince Albert. The Consortium also has several other provincial and local based organizations who want to support social purpose organizations that have innovative ideas and want to make a difference right here in Saskatchewan,” says Donna Ziegler, Executive Director for the South Saskatchewan Community Foundation. “We are truly appreciative of the confidence the Government of Canada has provided to our national body, Community Foundations of Canada and the many Community Foundations across Canada, to deliver this program.”
The Investment Readiness Program will help social enterprises across Canada grow, and build their capacity to accept investment and participate in Canada’s growing social finance market.
“This is an exciting opportunity to take our social enterprise to the next level of its development. Through this type of innovation, we are able to better support those facing food insecurity and create pathways to independent sustainability,” says John Bailey, CEO Regina Foodbank.
“Business isn’t just about the bottom line. It can be a source for good and a catalyst for social and environmental change in communities across Canada. We are honoured to support social enterprises across Canada in building a better world,” says Andrew Chunilall, CEO of Community Foundations of Canada, a national partner in the Investment Readiness Program.
Applications for the IRP should be submitted by February 10, 2020 through the program’s website https://cfc-fcc.smapply.ca/prog/the_investment_readiness_program_/ . Additional application periods will open in 2020.