Investment Readiness Program - Ottawa Community Foundation

Round Two – Now Closed

Eligible organizations could receive from $10,000 to $100,000 in non-repayable capital to develop their enterprise. COVID-19 has changed the day-to-day reality for many organizations. The IRP eligibility requirements have been adapted to better support SPOs during this time; up to 20% of project budgets can be allocated to cover staffing support or operating costs for the project.

Round One Funding Results

Community Foundations of Canada (CFC), along with the Ottawa Community Foundation and others across the nation, launched its first round of funding through the IRP in January of 2020, the results of which are now publicly available.

Across Canada, 257 organizations have received IRP funding in the first round of applications. In Ottawa, we awarded close to $325K in total to seven organizations:

Visit IRP-PPI.ca for more details about CFC’s funded projects, as well as projects funded through the various partner organizations.

Program Overview

The Government of Canada’s Investment Readiness Program (IRP) is a new $50M fund that aims to help social purpose organizations build their capacity to participate in the growing social finance market. The IRP is also designed to help these organizations prepare for the Government’s broader investment in social finance via the Social Finance Fund, a historic new $755M commitment which is expected to be launched in 2020.

Our Role

We are partnering with Community Foundations of Canada (CFC), the national organization working with community foundations across Canada, to help administer the IRP program and distribute the funds.

We will be delivering this program in the Ottawa region and some surrounding areas including Prescott-Russell and North Grenville.

Purpose of IRP Funding

The IRP’s goal is to help social purpose organizations move towards investment readiness. Funding can be used to research, launch, design, measure and scale up social enterprises. A social enterprise is an organization or program that is mission-driven, aiming to sell goods or services to earn a revenue, while also helping achieve positive social, cultural or environmental results.

Eligibility

You can apply to the IRP if you are a:

Charity
Non-profit
Co-op
For-profit social enterprise

Funds are intended to be used to access outside expert advice and services or create dedicated staff capacity.

Eligible

Activities that are eligible for funding can include, but are not limited to: business planning, accounting services, branding, brokerage, financial modelling, impact measurement, investment structuring, tendering and bid writing, legal services, product development, market analysis and understanding, financial recording, negotiation support, management coaching, minor asset purchases to fulfill a contract, and minor renovations to fulfill a contract. Allowable project budgets may include a reasonable allocation (up to 20%) to related overhead such as administration, staffing and rent.

Not Eligible

As noted, funds for core operating costs are not eligible beyond 20% of project budgets. The funding also cannot be used for a single individual; federal, provincial or municipal government agencies (they can be involved but the funding will be made directly to the social purpose organization); and projects outside of Canada.

Apply for Funding

Social purpose organizations can request between $10,000 and $100,000.

The IRP was administered through two funding rounds. The application period for the first round opened on January 8 and closed on February 10, 2020.

The application period for the second and final round will close on October 9, 2020.

Applications Closed

Prior to submitting an application, please carefully review the program guidelines and FAQs. Please also contact Chayanika Lutes at clutes@ocf-fco.ca.

Funded by
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