$755 million investment will launch Canada’s first Social Finance Fund
Vancouver: Canada’s economy is strong and growing, with more jobs and opportunities for the middle class, and for people working hard to join it. There are more good, well-paying jobs for Canadians, wages are growing, consumer confidence is strong and business profits are up – good news for Canadians and the communities they call home.
On Wednesday, Minister Duclos was in Vancouver to highlight the Fall Economic Statement 2018, which updates Canadians on results already delivered by the Government’s investments, and lays out the next steps in the Government’s plan to grow the economy by investing in middle class jobs.
In the Fall Economic Statement 2018 the Government of Canada proposes to support innovative solutions to some of Canada’s big challenges through a Social Finance Fund that will give charitable, non-profit and social-purpose organizations access to new financing and connect them with non-government investors. The Social Finance Fund is expected to help create thousands of jobs, foster economic growth, and help build a more equal and fair Canada.
The new Social Finance Fund is a significant first step towards ensuring community organizations are provided with new tools and funds they need to solve the big challenges they are facing, such as the opioid crisis, homelessness, and long-term unemployment.
“Our government recognizes that new approaches are needed to address challenges that make it difficult for some Canadians to succeed and reach their full potential. We have to ensure that charities, non-profit, and social-purpose organizations have access to money they need to make a real and concrete impact in the day-to-day lives of Canadians. There’s no time better than now to look to innovative approaches to fulfill our commitments of building a more equal, generous, and sustainable Canada. With this fund, our aim is to empower the people and organizations whose primary objective is to make our communities better,” said Jean-Yves Duclos, Minister of Families, Children and Social Development.
Quick Facts :
- The Government intends to invest $755 million over the next 10 years to establish a Social Finance Fund.
- An additional $50 million over two years to help social purpose organizations will improve their ability to successfully participate in the social finance market.
- The proposed Social Finance Fund could generate up to $2 billion in economic activity and help create as many as 100,000 jobs over the next decade.