Applications open – Funding available for local organizations and businesses to grow their positive impact across Algoma through social enterprise
The Algoma Community Foundation is offering eligible social enterprises that are working to do good across Algoma the opportunity to access funding through the Investment Readiness Program. This is part of a $50 million national initiative, which is being delivered by Community Foundations of Canada and other support partners, and is being funded by the Government of Canada to support and expand social enterprises from coast to coast to coast.
“We’d like to thank the Algoma Community Foundation for their guidance and support with our application to the IRP program. Through this program we hope to further the impact of Grocer 4 Good by developing a business plan to expand our reach and use of technology in our day to day operations” says Lisa Vezeau-Allen, Chair of the Grocer 4 Good Ability Development Program.
The Investment Readiness Program is open to a diverse range of organizations and businesses including charities, non-profits, co-ops and social enterprises. The program can provide $10,000 to $75,000 to create, manage, and expand social enterprises in order to get ready to accept investment.
“There are so many inspiring community leaders working to make a difference in urban, rural, remote and First Nation communities across Algoma in new and innovative ways,” says Robin Sutherland, Executive Director of the Algoma Community Foundation. “We are looking forward to seeing the IRP help successful applicants grow their impact even more.”
The Investment Readiness Program will help social enterprises grow and build their capacity to accept investors, and participate in the growing social finance market.
“Social enterprise teams from coast to coast to coast are demonstrating how business can be done differently. They are daring to rethink business models to create a more sustainable, equitable and inclusive future. Community Foundations of Canada is in awe of the innovative projects we are funding. We look forward to seeing the positive impacts of this next round of projects through the Investment Readiness Program,” says Andrea Dicks, President of Community Foundations of Canada, a national partner in the Investment Readiness Program.
The Algoma Community Foundation is a regional partner for delivering the IRP across Northern Ontario alongside Sudbury Community Foundation and North Bay and Area Community Foundation. Applications should be submitted by November 22 through the program’s website (https://cfc-fcc.smapply.ca/prog/irp/) for consideration.
The vision of the Algoma Community Foundation is to enable the people of Algoma to live vibrant and fulfilling lives while continuing to care for the natural ecosystems that have sustained us over generations. This vision recognizes and acknowledges the Anishinaabe history of generosity and sharing, as well as the unique spirit of giving in our communities. Our mission is to practice innovative philanthropy based in careful thought, strategic investment, social justice and relevant giving. We believe that a responsible stewardship of our environmental, social, cultural and economic diversity will create lasting change and loving relations for generations to come. The Algoma Community Foundation’s catchment area is from Spanish to Wawa and covers all municipalities, unorganized townships and First Nation communities in that area including Sault Ste. Marie.
Community Foundations of Canada is a partner in the Investment Readiness Program (IRP) which helps allocate funds from the Government of Canada to social purpose organizations preparing to successfully participate in the social finance market. As a Regional Partner with CFC in delivering the IRP, Algoma Community Foundation will help empower others to unlock innovative solutions to social challenges.
