Here’s how the federal government can put its social finance strategy at the heart of its recovery plan
The Prime Minister’s upcoming Throne Speech will set the tone for the federal government’s post-pandemic recovery plan. Updating and prioritizing the Social Innovation and Social Finance Strategy in this recovery plan would bolster the social impact sector — at a time when it’s simultaneously struggling to stay afloat and seeing steep increases in demand.
Throughout Canada, we see Indigenous innovations solving community problems. Despite this, Indigenous communities experience the highest levels of poverty, and entrepreneurs continue to face lack of access to capital. What role will economic reconciliation play as we move towards post-pandemic recovery?
The United States puts more than $1 billion per year into a fund for community development financial institutions (CDFIs), and mandates that big banks make investments into low-income neighbourhoods, which they do by lending to CDFIs. Canada doesn’t have similar institutions that could classify as CDFIs, but if we did, hundreds of millions of dollars could be catalyzed to support communities’ recovery and regeneration.
One of Canada’s fastest-growing family businesses is becoming employee-owned. Here’s why that could be a major trend post-pandemic
Seventy-two percent of Canadian small business owners are planning to exit their businesses in the next 10 years, and the economic chaos of COVID-19 is bringing the resilience of those businesses into even sharper focus. Advocates say this is an opportunity to transition these community businesses into social enterprises or community-owned cooperatives, which could mean a huge boost for recovery.
As governments and civil society work on overdrive to respond to COVID-19, corporate social responsibility is taking exciting, unexpected forms. Many large companies are stepping up to support communities in tangible ways, proving that the purpose of business is changing to include a positive social impact.