About the Investment Readiness Program
The Investment Readiness Program (IRP) Pilot (2019 to 2021, $50 million) and renewed IRP (2021 to 2024, $50 million) represented a $100 million investment to help advance social innovation and social finance (SI/SF) in Canada. The IRP ended on March 31, 2024.
On this page
What was the IRP
The Investment Readiness Program (IRP) was designed to help social purpose organization (SPOs) overcome barriers to accessing social finance. SPOs are organizations operating with a social, cultural or environmental mission. They can be charities, non-profits, social enterprises, co-operatives or businesses with a social mission.
The purpose of the program was to support SPOs to improve their capacity to access social finance, and to build a supportive marketplace through:
- strong networks of support
- research and knowledge-building
- support for social procurement
- connections across the marketplace
Who did the IRP support
This program supported, in total, 1160 SPOs to build their capacity to access social finance and participate in the larger SI/SF ecosystem.
The program also supported SPOs led by or serving equity-deserving groups, such as (among others):
- Black Canadians and other racialized peoples
- Indigenous peoples - First Nations, Métis, Inuit
- low-income people
- members of the LGBTQ2+ community
- official language minority communities
- people with disabilities
- recent immigrants and refugees
- women
The IRP supported the Government of Canada's goal to increase inclusion and opportunities for participation of Canadians in their communities.
How it worked
Readiness support partners provided funding to SPOs for them to build skills and capacity to access social finance investment. SPOs used the funding to:
- get help to do market analysis
- develop new products and services
- build business plans, and
- acquire technical expertise
Ecosystem builders invested in projects that helped grow and strengthen the SI/SF ecosystem by being more inclusive and integrated. This ecosystem includes connections between:
- social purpose organizations
- networks
- experts
- 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.
Renewed IRP funding recipients
Readiness support partners
- Canadian Women's Foundation (CWF)
- Chantier de l'économie sociale
- Community Foundations of Canada (CFC)
- Native Women's Association of Canada (NAFC)
In addition to the above readiness support partners, the Foundation For Black Communities (FFBC) was leading a new initiative to direct further IRP funding to Black-led and Black-serving SPOs with support from Community Foundations of Canada.
Ecosystem builders
- Afro-Caribbean Business Network (ACBN)
- Ajah/Powered by data
- Buy Social Canada (BSC)
- Canadian Community Economic Development Network (CCEDNet)
- Canadian Worker Co-op Federation (CWCF)
- Carleton Centre for Community Innovation (3CI) - Common Approach
- Catalyst Community Finance Initiative
- Common Good Solutions (CGS)
- Congress of Aboriginal Peoples (CAP)
- Co-operatives and Mutuals Canada (CMC)
- EntrepreNorth
- Imagine Canada
- Inclusion Canada
- Native Women's Association of Canada (NWAC)
- New Power Labs (NPL)
- Raven Indigenous Impact Foundation (RIIF)
- Social Economy Research Network of Northern Canada (SERNNoCa)
- Social Economy through Social Innovation (SETSI)
- Social Innovation Canada Institute
- Startup Canada
- Territoires innovants en économie sociale et solidaire (TIESS) (available in French only)
- United Church of Canada (UCC)
IRP Pilot funding recipients
Readiness support partners
- Canadian Women's Foundation (CWF)
- Chantier de l'économie sociale
- Community Foundations of Canada (CFC)
- National Aboriginal Capital Corporations Association (NACCA)
- Native Women's Association of Canada (NAFC)
Ecosystem builders
- Canadian Community Economic Development Network (CCEDNet)
- Carleton Centre for Community Innovation (3CI) - Common approach
- Centre for Social Innovation (CSI)
- Congress of Aboriginal Peoples
- Co-operatives and Mutuals Canada (CMC)
- Imagine Canada
- Inuit Tapiriit Kanatami
- LIFT Philanthropy Partners
- McConnell Foundation
- Native Women's Association of Canada (NWAC)
- New Market Funds
- Projet d'écosystème de l'entreprise sociale (S4ES)
- Raven Indigenous Capital Partners
- Social Economy Through Social Inclusion (SETSI)
- Startup Canada
- SVX
- UBC Sauder School of Business: Centre for Social Innovation and Impact Investing
- Waterloo Institute of Social Innovation and Resiliency (WISIR)
IRP results
Funding highlights
- The IRP received over 3900 applications and distributed over $57M in funding to 1160 SPOs
- Over 45% of beneficiaries used IRP funds to grow or launch a new service and/or business venture
- Over 40% of beneficiaries were funded for business planning and over 30% for technical expertise
Outreach and impact
- More than a third of IRP beneficiaries reported that their operations and services impacted rural communities
- At least 40% of beneficiaries supported the sustainable development goals: "No poverty", "Reduced inequalities" and "Good health & well-being"
- SPOs' representation in the IRP is mostly proportionate to the share of national population in each province and territory
- 75% of IRP beneficiaries were women led; 24% led by racialized peoples; and 24% were Indigenous-led SPOs
Related links
Contact us
Page details
- Date modified: