The government of Canada has renewed its Investment Readiness Program (IRP), a $50 million program over 2 years starting in the fiscal year 2021 to 2022, designed to help advance social innovation and social finance (SI/SF) in Canada.
This program supports social purpose organizations, specifically organizations operating with a social, cultural, or environmental mission. They can be charities, non-profits, social enterprises, co-operatives or businesses with a social mission. The IRP supports the Government of Canada’s goal to increase inclusion and opportunities for participation of Canadians in their communities.
How it Works: The renewed IRP will be delivered by funding partners under two streams:
- stream 1: Readiness support partners will provide funding to SPOs to build skills and capacity to access social finance investment. SPOs will use the funding to:
- get help to do market analysis
- develop new products and services
- build business plans, and
- acquire technical expertise
- stream 2: Ecosystem builders will invest in projects that help grow and strengthen the SI/SF ecosystem by being more inclusive and integrated. This ecosystem includes connections between:
- social purpose organizations
- social finance intermediaries
- researchers, and
- the government
For full details on eligibility and how to apply, click here.