Where does the Social Finance Fund stand in a post-COVID universe?

Millions of dollars could go toward reviving devastated communities

Why It Matters

The government’s landmark Social Finance Fund was set to launch this year, claimed to generate up to $2 billion in economic activity and create 100,000 jobs. But where do those plans stand in the midst of 2020’s extreme events, and what role could it play in rebuilding communities after COVID-19? In the first article in a new special report, Future of Good examines what the fund means for Canada’s social finance market, and for societal recovery.

When the landmark $755-million Social Finance Fund was first announced in 2018, the government could never have expected the circumstances they would face in 2020 – the year the fund was expected to launch.

The COVID-19 pandemic has left millions of Canadians in desperate need of support. The economic impact has been devastating, particularly for low-income Canadians. Businesses are struggling to stay afloat and unemployment has been soaring. More than eight million people have applied to the Canada Emergency Response Benefit so far.

For Canada’s most vulnerable people, COVID-19’s impact has been particularly severe. The disease has disproportionately affected the elderly, with 80 percent of deaths in care homes. It is having a profound social impact, too. Reports suggest domestic violence has increased by 20 to 30 percent in some regions, the government has said.

Get full access to this story, and all Future of Good content with a membership. Sign up now with a 14-day free trial.