The Government of Canada has launched the Investment Readiness Program, which provides non-repayable financing (also known as grants!) of between $10,000 and $100,000 to help social purpose businesses grow.
This is a landmark commitment to social finance and investing in the social economy of Canada by the federal government. All social enterprises–both new and seasoned–should learn more about this program in order to apply for the grants to build their capacity to be ready to accept social investments (loans, share capital) in order to grow their business, and generate greater positive social impact in our communities.
For more than a decade, Social Delta has been providing the type of consulting that is eligible for funding under this program. Contact us to discuss how we can help you access and effectively use these newly available funds to start or scale your social enterprise.
The IRP is available for social enterprises and social purpose organizations regardless of how they’ve been incorporated. Non-profits, co-operatives, and private sector businesses with a social mission are all eligible. If you are in business (or want to be in business) to create social value, this program can help you kick start your mission based company. There a five organizations administering the grant applications and one of those organizations, the Community Foundations of Canada, offers a very useful FAQ document that can be downloaded here.
This is not a grant to cover your operational expenses. However, it is money that is available to help you create a strategic approach to develop and fulfill the demand for your products and services. Business planning, marketing, organizational readiness, market research, and even purchasing assets necessary to fulfill contracts are all eligible expenses.
Social Delta is experienced, having worked with more than 400 social enterprises and social entrepreneurs across the country. We help with early stage creative thinking, professional market research, finding sources of start up funds, building effective and practical operational business plans, and scale social enterprises by increasing sales and reach.
We offer a complimentary 45 minute confidential consultation to discuss your business, and to listen to how we can help you create or grow a successful social enterprise. With the launch of the IRP, now there are funds available that can help us help you. To chat with us, book a free consultation online, or contact us here.