Government of Canada unveils 26 funding partners for the renewed Investment Readiness Program — and this time, it includes direct support for Black communities
Why It Matters
Black-led, Black-serving organizations receive about 0.7 percent of Canadian philanthropic dollars. The IRP’s boost in support could help them gain greater access to the country’s social innovation ecosystem.
The Government of Canada announced this week who’ll distribute the renewed $50 million Investment Readiness Program (IRP).
The Investment Readiness Program is an initiative of the Social Finance Fund, a $755 million federal government initiative announced in 2018 to boost the amount of repayable capital available to social purpose organizations, including charities and non-profits. The program provides funding to organizations that may not be ready to take on this kind of loan.
The renewed program will see four organizations act as “readiness support partners”, distributing funds directly to social purpose organizations looking to boost their investment readiness; and 22 “ecosystem builders” who will fund projects focused on strengthening Canada’s social innovation communities.
Notably, the Foundation for Black Communities (FFBC), a philanthro
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