Members and Allies
Click on one of the funds below to connect to their website or read a short summary explaining how each institution or organization makes direct loans, loan guarantees or equity investments.
Community Loan Funds, Micro-Loan Funds and Peer Loan Fund
Social Investors
Co-op Funds
Financial Institutions with Community Investment Programs
Community Futures Development Corporations /
Community Business Development Corporations
Allies
Community Loan Funds, Micro-Loan Funds and Peer Loan Funds
The ACCESS Riverdale Community Loan
Fund
The ACCESS Riverdale Community Loan Fund is a Canadian Registered
Charity that helps small and emerging businesses in greater
Riverdale (Toronto, Ontario, Canada) to meet their need for
credit by securing initial loans of up to $5000. By granting
small loans to local entrepreneurs, the ACCESS Riverdale
is contributing to the community as a whole-- helping more
people to become self sufficient through self employment.
ACCESS Riverdale was formed to help promising entrepreneurs
with viable business plans gain access to financing not available
through other sources. Individual loans are made using a
character based lending decision, where the abilities, skills
and commitment of the applicant in conjunction with the strength
of the business plan are key decision criteria. Using a 'step-lending'
approach, ACCESS Riverdale provides a series of loans that
increase in size as the business grows in the community.
ACCESS Riverdale funds are used to guarantee loans through
Alterna Savings Credit Union.
The fund was created by investments from socially minded
individuals, organizations and businesses. To date ACCESS
Riverdale has granted loans to and shared business expertise
with small businesses in the east Toronto, Ontario area.
» More
Information
Circle of Habondia Lending Society
"Just Do It!" is how the Circle of Habondia
Lending Society makes financial empowerment happen for the families
of the Slocan Valley / Nelson / Castlegar area of British Columbia. We
cooperatively and interdependently work to build confidence and
competence in our relationships to money. The society provides
micro-loans of up to $1000 to women.
The fund was created to be an active change agent and is structured
like a community line of credit with a local credit union. Private
investors are provided with a local option to invest in their
community through term deposits in Habondia’s name, creating
the collateral to secure the line of credit. Together with
investors, a sustainable economy is being constructed where all
people can prosper, where everybody’s needs are met and
all have more than enough to share.
Since 2001, 60 loans have been given to women, on the basis
of need, character and the ability to pay it back. The
original amount of loans given to date is approximately $39,000. Habondia
works with women to envision a society where abundance is a way
of life and more than financial support is offered. For
more information about investing in women and community or becoming
a member of the circle, visit the Habondia website..
» Visit
Website
Micro-Crédit KRTB
Micro-Crédit KRTB works with people who earn a low income and do not have, or have limited, access to conventional financing resources. We offer loans up to $15,000 that enable our clients to create, develop and sustain their independent business or cooperative organization. This credit is particularly targeted at new entrepreneurs. We have found that what guarantees success of our projects is the bond created between our staff and clients.
We have adopted a community economic development approach as we believe this approach offers an inclusive and innovative global solution as it takes into account both the people and their community.
Micro-credit KRTB leverages other financings needed to avoid under-capitalization, which can often lead to failure. We seldom act alone on a project or company, preferring to seek out financial partners to supplement our own financial arrangements.
Our organization was created as a result of a clearly identified need in the community of Témiscouata in Québec. We were the first community credit organization established exclusively in a rural area. Since our doors opened in March 2005, we have experiences an unceasing increase in the number of requests from areas throughout our region. This has made us reconsider our position to now offer our services throughout the KRTB region, i.e. Kamouraska, River-of-Wolf, Témiscouata and the Basques.
» Visit
Website
Ecotrust Canada
Ecotrust Canada builds the capacity of communities, institutions
and businesses toparticipate in the conservation economy; raises
and brokers capital to acceleratethe transition to a conservation
economy; and connects conservation entrepreneurs toeach other,
and to the marketplace. We champion the conservation economy.
Ecotrust Canada has a Natural Capital Fund that supports our
Business Lending program. We offer non-bank, higher-risk loans
to entrepreneurs, cooperatives and non-profit groups that incorporate
ecological and/or social values in their operations or that promote
jobs and diversification in rural and Aboriginal communities.
Ecotrust Canada evaluates a business' triple-bottom line, assessing
whether it promotes economic opportunities, protects the environment
and fosters social equity in B.C.'s coastal communities. Since
1999, our Business Lending program has provided almost $6 million
in loans to more than 35 entrepreneurs. These companies have
supported about 550 full-time,part-time and seasonal jobs on
the coast. Loans to First Nations make up about one-third of
our lending activity and half the loans to forestry operations
are certified by the Forest Stewardship Council. Our lending
clients do business in diverse sectors from aquaculture to aerospace,
from a kelp harvester to an alternative energy company. We provide
term loans of up to $500,000 for working capita, equipment and
other fixed assets, new production and service capacity and product
or market development.
» More
Information
The Jubilee Fund
The Jubilee Fund Inc. was launched in the year 2000 in Winnipeg. It
is an interfaith fund that endeavours to advocate social justice
through awareness-raising about a moral economy and through ethical
financing in the form of loan guarantees and equity for community
economic development projects. These projects normally would
not be eligible for loans from credit unions or banks because
of a lack of collateral or guarantors.
The Fund supports housing programs, including housing co-ops,
non-profit rental, seniors and special needs groups; non-profit
community projects, including daycare, employment training and
recreation programs; and commercial projects, including small
businesses, worker co-ops and other community based enterprises
in and around Winnipeg. Each application is assessed based on
its social and economic goals and its financial viability. The
project applicant must demonstrate that they have the management
capacity to carry out the project they are proposing. Our goal
is to ensure that projects are not only financially viable, but
that they contribute to social goals in the local community.
Over five years, Jubilee Fund loan guarantees of $754,665 have
been able to leverage $3,760,466 in total financing.
Funds are provided to the Jubilee Fund Inc. by individuals and
organizations in the form of Jubilee Investment Certificates. These
funds are pooled and used to secure and leverage loans for community
initiatives. The Investment Certificates are processed
by Assiniboine Credit Union as an agent on behalf of The Jubilee
Fund Inc. Jubilee Investment Certificates offer the investor
modest levels of financial return, combined with high levels
of social return and personal satisfaction.
The vision of the Jubilee Fund is to bring financial possibilities
to those who have a dream for their community. It takes
money to realize that dream. The Jubilee Fund has set a
goal to raise a minimum of $125,000 in investment funds and charitable
donations this year. This money will ensure that they can
continue to turn dreams into reality for those who need it the
most.
If you are interested in purchasing a Jubilee Investment Certificate,
making a donation, volunteering or wish further information please
contact Rita Borthwick at (204) 589-5001 or email her at rita@jubileefund.ca.
» Visit
Website
Montreal Community
Loan Association (MCLA)
Since 1990, Montreal Community Loan Association (MCLA) has extended
123 loans to individualsstruggling to come out
of poverty (in particular women, immigrants, refugees and visible
minorities) and community based non-profit organizations. However,
it is not just about providing access to credit.
MCLA works with marginalized populations to build capacity and
empower individuals to act towards positive change in their lives.
A support system improves the probability of success and promotes
a more socially responsible approach to economic development.
MCLA works with applicants who are eligible for a loan but whose
project is not ready to receive a loan. The most important aspects
of their work in this phase are: references to other resources,
follow-up and developing a solid lender/borrower relationship.
MCLA concentrates on finding the best resource to support an
applicant during the pre-start up and start up phases. They invest
a great deal of time on building a strong relationship based
on mutual trust with their applicants. They consider this relationship
a 'guarantee' for the loan, along with their ability to respond
to an applicant’s needs with the appropriate support. The
work is not done once a loan is made to an applicant. MCLA spends
a great deal of time following-up to ensure that their borrowers
remain on track.
» Visit
Website
The Ottawa Community Loan Fund
The Ottawa Community Loan Fund (OCLF) provides loans to individuals
and groups in Ottawa with good ideas, experience and the energy
to go after them. The people who come to the OCLF are entrepreneurs. They
are willing to take a risk to get ahead. They often lack
income, assets, security or credit history. The OCLF bridges
the gap.OCLF provides short-term loans of up to $15,000 to individuals
and groups with worthwhile business concepts, practical work
experience and/or training, and a solid business plan. The
OCLF has also developed a customized loan product for internationally-trained
professionals participating in local professional accreditation
programs.In providing loans, we operate under the philosophy
that credit histories and tangible assets are just part of a
formula that also considers the character and ability of the
applicants.We believe strongly in investing locally. We
also believe everyone deserves a chance to make a living for
themselves and their families.
» Visit
Website
The Saint John Community Loan Fund
The Saint John Community Loan Fund provides loans and financial
services to entrepreneurs who are willing to take a risk to get ahead. They
often lack income, assets, security or credit history. The Loan Fund bridges
the gap. We provide business loans, back to work loans, and loans to secure
housing. We also provide Money Matter$, a course in basic money management,
and we partner with the YMCA-YWCA to offer How to Start Your Own Business course.
The money used for loans comes entirely from the investments made by people
and groups who want to see Saint John prosper. These are socially responsible
investors who want to insure opportunity is available to all. They put their
money where they know it will make a difference - in the people of Saint John.
They know Saint John has one of the highest rates of poverty in Canada, and
they know only investing locally will make a difference.
Since starting in 1999, the Loan Fund has used these investments to make more
than 100 loans of over $120,000. The impact has included individuals ending
reliance on Provincial Income Assistance, families becoming self-reliant, and
over $1,500,000 in new income circulated in Saint John.
» Visit
Website
Social Investors
Canadian Alternative Investment Cooperative (CAIC)
CAIC is a cooperative of church-based charities with over 20 years of experience investing in organizations working for positive social change and community economic development in Canada that lack access to traditional financing. We are particularly interested in projects that promote alternative economic structures and act as a catalyst to structural change. When making an investment CAIC takes into consideration both the social benefit of a project and its business soundness. A project will not be considered unless it meets our criteria for both attributes.
CAIC focuses its lending in the following three areas: Social Enterprise Financing ~ loans & equity investments to groups, organizations & cooperatives assisting the economic development of disadvantaged peoples or communities and whose objectives are considered to be of social benefit by CAIC’s board. The organizations may be a corporation or a cooperative. The investment may be debt or equity, secured or unsecured.
Mortgages for Community-based projects ~ mortgages of up to 75% of the appraised value of the property to non-profits & community-based organizations.
Social & Affordable Housing Initiatives ~ loans available to groups working to provide social and affordable housing.
» Visit Website
Social Capital Partners
Social Capital Partners invests in social enterprises that employ populations
outside the economic mainstream in Canada. The goal of these social enterprises
is to acquire scale, to exist without external subsidy, and to create improved
social outcomes and financial self-sufficiency for the populations they employ.
These businesses demonstrate the discipline and competitive spirit of a private
sector company while striving to generate outstanding social outcomes for the
individuals they employ and communities they support.
Traditional financing mechanisms exist to provide capital to organizations
that create purely financial outcomes (loans or investments to private
sector companies) or those that create purely social outcomes (tax deductible
gifts to charities). There are few financing mechanisms available to those
organizations that are employing hybrid models to create social value at the
same time as doing business. By providing financing for businesses that fit
this description, SCP is attempting to fill an important gap in the capital
market.
Social Capital Partners works with social enterprises across Canada.
» Visit Website
Worker Co-op Funds
Tenacity Works
The Worker Co-op Fund, Tenacity Works, is a $900,000 investment fund whose
purpose is to create new and to expand existing worker-owned co-operatives
in all regions of Canada. Tenacity Works is owned and operated by the Canadian
Worker Co-op Federation. The long-term goal of Tenacity Works is to be a self-sustaining
fund, which can support the development of the worker co-op sector by making
investments and funding technical assistance. Funds are used to invest
in worker, multi-stakeholder and shareholder co-ops across Canada. At
present (June 30, 2005), Tenacity
Works has 14 outstanding loans. The loans have capitalized start-ups, expansions
and job rescue initiatives. The initial capital base of Tenacity Works
was provided by Human Resources Development Canada. Tenacity Works currently
is seeking additional financial resources to add to its capital and technical
assistance pools.
» Visit
Website
Financial Institutions with Community Investment Programs
Alterna Saving
Alterna Savings is an Ontario credit union that serves 190,000 members through
24 branch locations in Ottawa, Toronto, Kingston, Pembroke and North Bay.
With a long-time commitment to corporate social responsibility and community,
Alterna Savings operates two unique micro loan programs that support the specific
needs of micro businesses and immigrants and protected persons; the Community
Micro Loan Program and the Immigrant Employment Loan Program. Alterna
Savings' Community Micro Loan program provides business loans along with a
full range of financial services to self-employed individuals who would not
otherwise qualify or have access to credit from other financial institutions.
We focus on low-income individuals, trying to help them become profitable
within a competitive business environment. Hundreds of micro entrepreneurs
have successfully accessed the program to date.
The Immigrant Employment Loan Program, operated in partnership with the Maytree
Foundation, provides immigrants and protected persons with loans for training
or upgrading that will lead to Canadian employment in their field of expertise.
For many Canadian immigrants and refugees, finding a job can be a daunting
task and this program has helped many to reach their goals.
A note that Alterna Savings was launched April 1 from the merger of Toronto-based
Metro Credit Union and Ottawa based CS CO-OP. As the above programs originated
with Metro Credit Union they are presently available only in the Greater Toronto
Area.
» More
Information
Assiniboine Credit Union
The Assiniboine Credit Union’s partnership with SEED Winnipeg Inc. (Supporting
Employment and Economic Development) was created between two like-minded organizations
striving to make an impact on our community in a positive way. The 3
main areas in which we work together include, providing regular sessions to
clients of SEED Winnipeg’s Build a Business Program, providing our input
to SEED Winnipeg’s loan review committee, and providing financing to
SEED Winnipeg’s clients approved through the loan review committee process.
The SEED/Assiniboine Credit Union partnership allows clients to access up
to $10,000.00 of loan financing for business start up or expansion. Loans are
offered at Prime Rate + 2%, with some flexibility regarding client equity contribution. During
fiscal year 2004/2005 the Assiniboine Credit Union disbursed $26,000.00 worth
of loans and $5000.00 in the form of lines of credit to SEED clients. The
partnership between SEED and the Assiniboine Credit Union truly does allow
both organizations to meet its Community Economic Development objectives, creating
positive outcomes, not just for our organizations, but for all of our clients
as well. For more details about the Assiniboine Credit
Union, visit www.assiniboine.mb.ca.
Coast Capital Savings Community Lending
Coast Capital Savings is Canadas second largest credit union with $8.2 billion
in assets, 48 branches and nearly 340,000 members across South Western British
Columbia. In addition to a variety of granting programs, Coast Capital Savings
makes a strong commitment to community investing through our Rising Tide Loan
program. Through this character lending portfolio called Rising Tide, the credit
union offers three types of loans:
- Micro-credit (loans up to $35,000 for small business)
- Social Enterprise (loans up to $150,000 for ventures with a social
and/or environmental purpose)
- ABLED (Advice and Business Loans for Entrepreneurs with Disabilities
loans up to $75,000)
Coast Capital Savings also offers pre and after care programs such as the
innovative Business Links program. Delivered in cooperation with SUCCESS and
Western Economic Diversification Canada, Business Links helps new immigrant
entrepreneurs develop their business ideas and skills and access lending services.
For more information on our programs, please visit our website.
VanCity
Vancity is Canada's largest credit union, with $10.5 billion in assets, more
than 312,000 members, and 43 branches throughout Greater Vancouver, the Fraser
Valley and Victoria. Vancity owns Citizens Bank of Canada, serving members
across the country by telephone, ATM, and the internet. Both Vancity
and Citizens Bank are guided by a commitment to corporate social responsibility. This
means making business decisions that consider the well-being of members, employees,
communities and the environment – so all prosper together. It
also means dedicating significant resources — financial and non-financial —
to support those working for positive change in the community.
In addition to grants, Vancity has developed a number of financial products,
programs, and partnerships to meet the needs of the non-profit sector and support
new areas of the economy such as social and environmental enterprises.
This includes a graduated set of Community Business Loans to provide access
to credit based on criteria that a traditional bank would rarely, if ever,
consider:
- Peer
Lending Program: A credit arrangement
in which a small group of borrowers guarantee each other’s loans in
lieu of providing collateral. Initial loans are for $1,000, subsequent loan
amounts increase incrementally to a maximum of $5,000
- Self-Reliance
Loans: Individual loans and lines
of credit from $5,000 to $35,000 for new or existing businesses featuring
flexible or no collateral requirements
- Advice
and Business Loans for Entrepreneurs with Disabilities (ABLED): Established
to address the issue of under-participation in the economy among people
with disabilities and to encourage opportunities for self-employment. ABLED
provides loans from $5,000 to $75,000
- Green
Business Loans: A full range of financing
options to implement eco-efficiencies and achieve specific business goals
with positive environmental impact. This includes a tailored Conservation
Loan Fund for eligible businesses with strong business plans but no access
to conventional credit.
It also includes community investment options for Vancity members:
- Shared
Growth Term Deposits: Member deposits
are directed to projects that return social, environmental and economic benefits
to local communities
- Shared
World Term Deposits: Member deposits
are directed to community loan funds addressing poverty issues around the
world
Community Futures Development Corporations
Perth Community Futures
Perth Community Futures provides 'barrier removal' for small and mid-sized companies in Perth County including Stratford and surrounding area in the agricultural heart of south-western Ontario. Barrier removal often means an injection of knowledge through training, mentoring and counselling. We also invest in local business with an investment fund of $3.5M invested in over 60 local businesses. For larger capital enterprises, angel investors and venture capital are sourced.
Perth Community Futures provides community driven economic development. Projects include creating renewable energy co-operatives, seeds to change program that sees high-school youth plant, grow, harvest, prepare and serve healthy alternatives to the high-school cafeteria, skills training like the new Stratford Welding Apprenticeship program, and much more.
CEO, Jaret Henhoeffer can be reached at 519 595-7570 or visit us at www.perthcfdc.ca
Allies
Jean L. Freed, MBA
Financial Advisor for socially conscious individuals and small businesses.
Montreal, Quebec
www.jeanfreed.ca
Social Enterprise Fund proposal, Edmonton, Alberta.
Edmonton’s proposed Social Enterprise Fund (SEF) is intended to be a sustainable $10.5 million endowment fund that will provide needed financing and technical assistance to social enterprises and affordable housing projects.
Currently, the SEF is awaiting review by the City of Edmonton. Should it be supported by the City, the Edmonton Community Foundation will endow the fund with $3 million and a private investor and another private foundation have already expressed interest. |
