It is an ever-present challenge to secure sufficient financing to support social purpose projects and organizations. Social Finance is a tool to bolster private capital for the public good. It cultivates opportunities for investors to finance projects that benefit society and for charities, non-profits, and social purpose community organizations to access new sources of funds.
Based on recommendations from the community, the Government of Canada’s Fall Economic Statement 2018 announced the creation of a new 10-year, $755 million Social Finance Fund to help “close the capital financing gap faced by organizations that deliver positive social outcomes, and to help accelerate the growth of the existing social finance market in Canada.” An additional $50 million will also be made available over two years for social purpose organizations to improve their ability to successfully participate in the social finance market.
Are you looking for some suggestions on how charitable, non-profit, and social purpose arts and culture organizations might utilize this fund? Take a look at case studies from the UK for some ideas! Another funding option to consider from Canada’s Fall 2018 Economic Statement is $920 million in renewed funding for FedDev Ontario and other Regional Development Agencies (RDAs). RDAs fuel economic growth through innovation and creating more well-paying jobs for Canadians.
