Government of Canada Supports Social Purpose Organizations
Social purpose organizations, including social enterprises, charities, not-for-profits, and co-operatives, play a vital role in addressing pressing social issues such as housing, poverty, employment, and climate change. They contribute to the creation of a more inclusive Canadian economy.
Investment Readiness Program Fuels Social Purpose Projects
Minister of Families, Children, and Social Development, Jenna Sudds, announced that the Government of Canada, in collaboration with five readiness support partners and 22 ecosystem builders, has invested in 460 projects nationwide through the revitalized Investment Readiness Program (IRP). These projects empower social purpose organizations by enhancing their skills and capacity to access social finance investments. Activities include market analysis, product/service development, business planning, and technical expertise acquisition. When combined with the pilot IRP, a total of $100 million has been allocated to 1,140 social purpose organizations.
Advancing Social Innovation and Finance
Minister Sudds commended the funded social purpose organizations and ecosystem builders, extending gratitude to the Government of Canada’s readiness support partners for their two years of dedicated work in administering the IRP. The IRP is a key component of the Government of Canada’s Social Innovation and Social Finance Strategy, along with the Social Finance Fund and the Social Innovation Advisory Council. A $50 million investment over two years for IRP renewal has been fully committed to projects.
Strengthening Communities Through Social Innovation
These investments contribute to the growth and success of social purpose organizations, reinforcing the social innovation and social finance ecosystem in Canada. This, in turn, leads to more resilient and inclusive communities. The local and national impact of the IRP underscores the significance of a thriving social finance ecosystem in the country.