Social purpose organizations (SPOs), such as social enterprises, non-profits, charities and co‑operatives, are at the forefront of tackling Canada's persistent social challenges and climate crisis. They are key contributors to the Canadian economy. However, many SPOs need support to expand their capacity and secure new funding. That is why the Government of Canada is investing in them-to overcome these barriers, so that they can have a greater impact in communities across Canada.
Today, the Minister of Families, Children and Social Development, Honourable Karina Gould, announced 26 partner organizations who will collectively deliver the $50 million renewed Investment Readiness Program, building on the successes accomplished during its pilot phase. These partners will work together to build the skills and capacity of SPOs to innovate and access flexible financing opportunities, strengthening the social innovation and social finance ecosystem and amplifying the reach of these organizations.
The Government selected these 26 organizations from two rounds of selection processes that took place in 2021-2022. The selected organizations have met all parameters set for their respective streams.
Four of the twenty-six organizations are readiness support partners. These organizations will select proposals and distribute funding to eligible SPOs across Canada. This enables SPOs to build capacity and get ready to access social finance opportunities. SPOs can use the funding to conduct market analyses, build business plans, develop new services and products and acquire technical expertise, thereby strengthening their operational capabilities.
Twenty-two organizations are ecosystem builders. Funding from this stream will be invested in projects that grow and strengthen Canada's social innovation and social finance ecosystem and ensure its inclusivity of all Canadians. By growing the ecosystem, we are building stronger communities and the economy of tomorrow, founded on principles of social responsibility.
Through the selected organizations, the Investment Readiness Program aims to benefit diverse and underserved SPOs in Canada, including those led by or serving Indigenous peoples, Black Canadians and other racialized communities, women, official language minority communities, people living with disabilities, and other equity deserving groups. The Government of Canada recognizes the important work social purpose organizations do, and will continue working with them to help expand their reach and services to even more Canadians.
