- “A look at CSI and our beautiful Annex workspace in Toronto”, Ontario, Canada.
Ontario Catapult Microloan Fund for Social Enterprises
The second round Ontario Catapult Microloan Fund application is OPEN until Jan. 3, 2014 and is now available in French!
- Ontario Brings Together Investors and Socially-Minded Businesses to help social enterprises grow
- Ontario partnered with MaRS Discovery District to launch Social Venture Connexion (SVX) which will connect investors with businesses and organizations that focus on making positive social and environmental impacts.
- By launching the new SVX, Ontario is positioning itself to become the leading place in North America for social enterprise.
- Ontario has already strengthened the social enterprise industry in the province by:
- Creating an Office for Social Enterprise to promote partnerships with the private, not-for-profit and public sectors by coordinating and expanding the tools available to social entrepreneurs across Ontario.
- Launching the Ontario Catapult Micro-loan Fund as a pilot program to support early stage social enterprises by providing them with access to capital, services and programs.
- Investing in SiG@MaRS, a program that supports social entrepreneurs at all stages to help develop and deliver programs that accelerate the growth of social enterprises.
Did you know?
- SVX received funding from the province for its feasibility study and pilot project completed in 2010.
- SVX is the first platform of its kind in North America and was created in collaboration with a number of private and community partners, including TMX Group.
- The SVX platform has a goal to see $2.5 million in its first year of operations and to support at least 10 social ventures.
- Social enterprises are businesses that have a positive social, cultural, or environmental impact while generating revenue.
- Ontario already has about 10,000 social enterprises and estimated to employ 160,000 people.
- Social enterprises serve 3.4 million unique customers per year.St. John’s Bakery in Toronto, an example of a social enterprise, produces artisanal breads and sweets while providing training and employment to people who face challenges such as addiction, poverty or mental health issues.
This social finance initiative between CSI (Centre for Social Innovation), the Province of Ontario, Alterna Savings, Microsoft Canada, TD Bank Group, KPMG, and Social Capital Partners has been designed to help promising early stage entrepreneurs and innovators with low interest loans of $5,000-$25,000.
- The next round of applications is open until January 3, 2014.
- Loans will be disbursed on February 12, 2014.
Dave Kranenburg and Leah Pollock – Program Coordinator, Centre for Social Innovation – stated “we understand that you may want consultation or feedback before considering applying; we have therefore set up “Office Hours” for feedback during the week of Dec 16th, please sign up for a time slot.”
- Here are the Dates, Office Hours and Locations:
“Please note that during these times we can meet by phone, Skype and Google Hangouts…hey, even morse code! In the meantime, don’t hesitate to contact Dave Kranenburg (firstname.lastname@example.org) or Leah Pollock (email@example.com) with any questions.”
Leah Pollock and Dave Kranenburg
Help spread the word via Twitter with the following sample Tweets:
- Round two of the Ontario Catapult Microloan Fund is now open! Could you be the next recipient? http://ow.ly/rBgz6 @csiTO#csicatapult
- Social Enterprise? Need a loan? Apply for Ontario Catapult Microloan Fund by Jan. 3. Details at http://ow.ly/rBgz6 @csiTO#csicatapult
Good Luck! / Bonne chance!
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