The Victoria Foundation distributed $307,000 of non-repayable capital to 16 local social purpose organizations, as part of the Government of Canada’s Investment Readiness Program (IRP). All of the organizations received capital to operate a revenue generating business model that involves the sale of goods or services to achieve positive social, cultural or environmental results.
In the second and final round of the IRP, The Victoria Foundation received a high volume of applications for the highly competitive program. This funding supported projects including:
- $28,000 in support to Easter Seals BC Yukon to invest in a new social enterprise offering facility rentals at Camp Shawnigan.
- $20,000 in support to the Bateman Foundation for the national expansion of the Nature Sketch program, which provides art activities in nature for people suffering from anxiety.
- $20,000 in support to Soap for Hope Canada to create a laundry detergent with used soap collected from the hotels and provide this detergent to community facilities and to sell for profit.
“In the unprecedented times we have experienced and will continue to experience in the months ahead, it is very important for non-profits to look at all opportunities to expand funding sources,” said C. Anne McIntyre, Soap for Hope Canada founder and executive director. “We are thrilled to have the support of the Investment Readiness Program as it allows us to explore development of a product our community facilities need on a regular basis, while also creating a social enterprise within our non-profit to provide another revenue stream.”
Over multiple funding rounds, Victoria Foundation supported a total of 27 social purpose organizations with $587,000 of program funding. Locally, Coast Capital Savings supplemented the program, providing and additional $50,000 to be distributed in the form of $10,000 grants to five of the program’s funded applicants.
“Social enterprise will be an important part of our sector’s recovery from the effects of the COVID-19 pandemic,” said Sandra Richardson, Victoria Foundation CEO. “The range of innovative ideas from the program applicants is truly inspiring and shows that our local organizations are working hard to achieve sustainability. And thanks to Coast Capital’s leadership, this program was further able to strengthen the local sector to ensure its health and resilience into the future.”
“The pervasive and wide-ranging effects of the global pandemic has placed Canadian communities in crisis,” said Andrew Chunilall, CEO of Community Foundations of Canada, a national partner in the Investment Readiness Program. “Recovery efforts must be transformative to meet the test of an uncertain, and at the same time, hopeful and prosperous future. Philanthropy will play a critical role in this future as we consider new ways of deploying our capital and engaging communities.”
For more information and a full list of recipients visit our Investment Readiness page.