Social purpose organizations, such as social enterprises, not-for-profits, charities and co-operatives, are at the forefront of tackling persistent social challenges such as housing, poverty, and employment; along with the climate crisis. They are helping to build the inclusive economy that Canadians want.
Today, the Minister of Families, Children and Social Development, Jenna Sudds, announced that with the support of five readiness support partners and 22 ecosystem builders, the Government of Canada has invested in 460 projects across the country through the renewed Investment Readiness Program (IRP). Through these projects, social purpose organizations are building their skills and their capacity to access social finance investment through activities such as conducting market analyses, developing new products and services, building business plans and acquiring technical expertise. Combined with the pilot IRP, a total of $100 million was invested in 1,140 social purpose organizations.
Minister Sudds congratulated the social purpose organizations and ecosystem builders who received funding under the IRP and thanked the Government of Canada's readiness support partners for their work in administering the IRP over the past two years.
The IRP is one of three foundational elements to the Government of Canada's Social Innovation and Social Finance Strategy, along with the Social Finance Fund and the Social Innovation Advisory Council. The Government of Canada has invested $50 million over two years through the IRP renewal to help advance social innovation and social finance in Canada, and all of the funding has now been committed to projects.
These investments continue to strengthen the social innovation and social finance ecosystem in Canada by fostering the growth and success of social purpose organizations, which in turn helps build more resilient and inclusive communities. Both the local and national impact of the IRP demonstrate the importance of a thriving social finance ecosystem in Canada.
