Procurement and Investment Readiness Fund
The Procurement and Investment Readiness Fund supports Ontario-based social enterprises looking to compete for procurement and investment opportunities.
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Ontario is home to a growing number of organizations called social enterprises. They compete on the open market with the goal of creating social and environmental impact. As their business grows, the impact grows.
Every year organizations around the province spend billions of dollars purchasing goods and services to meet their business needs through procurement. By purchasing goods and services from social enterprises, organizations can purchase what they need while generating social and environmental impact. At the same time, investors are increasingly looking to achieve social and environmental impact through their investments. Canada’s impact investing market is estimated at $9 billion.
By providing access to tailored business supports to growing social enterprises, the province will enable a strong supply of social enterprises that will be in a better position to compete for procurement and investment opportunities.
To support social enterprises, create jobs and promote economic growth we are:
- creating a $6 million Procurement and Investment Readiness Fund to help social enterprises compete for procurement and investment opportunities in both the government and the private sector
- working with one organization that will administer the fund, leverage existing expertise and build partnerships in the social enterprise sector
This fund is a key part of our broader Social Enterprise Strategy.
How the fund will be managed
The Canadian Community Economic Development Network was selected as the successful recipient to administer the fund through an open call for proposals which closed on December 8, 2017.
The Canadian Community Economic Development Network will:
- manage and administer the fund on behalf of the Ministry of Economic Development and Growth
- enable social enterprises to access the services they need to compete for procurement and investment opportunities
- provide grants between $5,000 and $100,000 in three granting streams:
- assessment grants (up to $5,000)
- capacity building grants (up to $50,000)
- catalytic grants (up to $100,000)
- select and partner with relevant service providers (e.g. consultants, legal services, evaluation services etc.)
- identify procurement opportunities for social enterprises
- connect social enterprises to local, national and international investors
How to apply
The Canadian Community Economic Development Network will be launching the Procurement and Investment Readiness Fund in early Fall 2018.
For updates, please refer to their website.
If you have questions about the Procurement and Investment Readiness Fund, please, contact the Ministry of Economic Development and Growth at firstname.lastname@example.org.