The Investment Readiness Program (IRP) has now been open for applications for almost two weeks, with just under three weeks remaining for the first round of funding. You are probably finding yourself asking questions about the eligibility criteria or perhaps you are unsure of who/what a social enterprise may be.
The definition of a social enterprise extends beyond corporate social responsibility or the contribution of some profit to social causes. A social enterprise is an organization or business that uses business approaches and the sale of goods and/or services to pursue a positive impact (social, cultural, or environmental). Some factors that contribute to distinguishing a social enterprise include:
- Impact objectives are embedded in the organization’s purpose,
- The operating model, value chain, and organizational culture are mission-aligned
- A reasonable percentage of profits are re-invested in the purpose
The IRP aims to support social enterprises keen on expanding the impact of their social, environmental, and/or cultural mission, not to maximize their profits.
To be considered, applicants must meet IRP eligibility criteria, provide the required supporting documentation, and describe their social enterprise’s social, environmental, or cultural impact or desired impact.
They must also successfully demonstrate:
- Being a solid and stable organization
- How revenue is generated through the sale of goods and services. Or there is a plan to do so?
- The viability and feasibility of their proposed project to move towards investment readiness
- Realistic timelines for the implementation of their proposed project
- An appropriate project budget, aligned with the amount requested
For more information, visit cfns-fcne.ca/en/irp, check out the Program Guidelines, or feel free to contact us with any questions.
All the best,
Emma
Emma Cruddas | Program Manager, Community Foundation of Nova Scotia
