Photo: Contributed

Herb Wong, board chair, Leanne Hammond, E.D. Community Foundation North Okanagan with Andrew Chunillal of Commu.ity Foundations of Canada

Community Foundations in the North Okanagan, Central Okanagan and South Okanagan Similkameen have banded together to distribute a lot of money.

And they are looking for applicants to share the wealth with.

The Government of Canada’s Investment Readiness Program (IRP) is a new, $50-million 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 $755-million commitment expected to be launched in 2020.

The Okanagan foundations will work with Community Foundations of Canada (CFC) to administer the IRP program and distribute the funds for the Valley.

Successful applicants will get between $10,000-$100,000 to invest in their social enterprise to help make an even greater change in their community.

The funds can be used to research, launch, design, measure and scale up a social enterprise to achieve a sustainability plan to take on investment in the future.

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 a mission-driven organization aiming to sell goods or services to earn revenue, while also helping achieve positive social, cultural or environmental results.

You can apply to the Investment Readiness Program (IRP) if you are a:

• Charity
• Non-profit
• Co-op
• For-profit social enterprise – Social purpose business
• Funds are intended to be used to access outside expert advice and services or create dedicated staff capacity.

Social purpose organizations can request between $10,000 and $100,000.?With just over $200,000 allocated for the Okanagan, applicants should plan accordingly.

The application period for the first round is now open and closes on Feb. 10.

A second application period will be announced for early 2021.

For more information on the program, click here.