What is the Investment Readiness Program?
The Investment Readiness Program (IRP) helps charities and nonprofit organizations to design, measure, and scale in order to get ready to accept financial investments. Subscribe to the Early Alert to stay up to date on the latest program developments.
To help charities, non-profits, co-operatives, and for-profit social enterprises access money that will be made available through the Social Finance Fund, the Investment Readiness Program (IRP) will provide up to $100,000 in funding per organization for eligible organizations. With this funding, these organizations will be able to access supports to build their capacity to accept social finance lending and investment. Some examples of how this funding can be used include:
- Explore a new business idea or develop a business plan to test your idea
- Create a marketing plan to reach new audiences
- Plan new products or services to grow revenue
- Prepare documentation to approach potential investors
The Social Finance Fund is a $755 million dollar commitment by the Government of Canada intended to increase the amount of affordable, repayable capital available for social purpose organizations.
Social finance is an investment that delivers a measurable social, cultural, or environmental impact as well as a financial return for the investor(s). Social finance could potentially provide a new source of income for charities who typically rely on more traditional sources of income, such as grants and donations.
As a partner in the Investment Readiness Program, Imagine Canada will be conducting a survey of registered charities to better understand the current readiness of charities to accept social finance. This survey, which will be launched in 2020, will also help us better understand the barriers that hinder charities from participating in Canada’s growing social finance market and potential points of intervention.
Imagine Canada will be sharing survey findings to help charities make informed decisions about social finance and to help other actors in the social finance ecosystem engage charities more effectively. This effort will be supplemented by additional sense-making activities that will help charities understand key social finance-related concepts and terms and key characteristics of the social finance market.
In January 2020, Community Foundations of Canada, a funding delivery partner in the Investment Readiness Program, will be opening an application portal for social purpose organizations to apply for funding available through the Program. You can visit communityfoundations.ca or irp-ppi.ca to learn whether your organization is eligible for funding and how to apply for it.
In addition to Community Foundations of Canada, there are four other partners in the Investment Readiness Program that will be making funding available to social purpose organizations: Chantier de l'économie sociale; Canadian Women’s Foundation; National Aboriginal Capital Corporations Association; and the National Association of Friendship Centres.