About the Investment Readiness Program
The Investment Readiness Program (IRP) is a $50 million program over 2 years (2021 to 2023), designed to help advance social innovation and social finance (SI/SF) in Canada.
Renewal of the program
As announced in Budget 2021, the Government of Canada has renewed the IRP based on the success of the pilot program that took place between 2019 and 2021.
The renewed IRP will continue to advance SI/SF in Canada. It will strengthen the SI/SF ecosystem. It will support social purpose organizations (SPOs) to build their capacity to access social finance. SPOs are organizations with a social or environmental mission. They could operate in the charitable and non-profit sector or in the private sector.
The renewed program will also expand support to SPOs led by or serving equity-deserving groups, such as (among others):
- Indigenous peoples
- low-income people
- Black Canadians and other racialized peoples
- people with disabilities
- members of the LGBTQ2+ community
- official language minority communities
- recent immigrants and refugees
The IRP supports the Government of Canada's goal to increase inclusion and opportunities for participation of Canadians in their communities.
How it works
The renewed IRP will be delivered under 2 streams:
- stream 1: Readiness support partners will provide funding to SPOs to build skills and capacity to access social finance investment. SPOs will use the funding to:
- get help do market analyses
- develop new products and services
- build business plans, and
- acquire technical expertise
- stream 2: Ecosystem builders will invest in projects that help grow and strengthen the SI/SF ecosystem by being more inclusive and integrated. This ecosystem includes connections between:
- social purpose organizations
- social finance intermediaries
- researchers, and
- the government
A strong ecosystem makes it easier for SPOs to be more socially innovative and to access social finance.
You are a SPO: Where to submit your proposal
The renewed program will begin its launch activities in late summer 2021, with funding becoming available to SPOs in fall 2021.
Please note that we are not delivering the program directly and we are unable to assess SPOs’ proposals for this program.
However, eligible SPOs will be able to apply for grant funding from readiness support partners. Useful information on the application process and timeframes will be on their websites. You are invited to consult those websites to find out the specific offerings within the granting program and other supports.
We will provide here the names of readiness support partners and ecosystem builders as new organizations are announced.
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