The Fall Economic Statement also included a commitment of up to $755 million over the next ten years to establish a Social Finance Fund, and $50 million over the next two years for an Investment and Readiness stream aimed at building capacity in organizations wanting to explore social finance opportunities. The Economic Statement specifically cited the role of charities and nonprofits in social innovation, and the intent for them to benefit from the Social Finance Fund. These measures respond to recommendations made by the SISF Steering Group.
“We face a significant social deficit over the next decade– that is, the difference between the anticipated demand for charities’ and nonprofits’ services and the resources available to them through traditional funding mechanisms,” said MacDonald. “To the extent the Social Finance Fund helps organizations to avail themselves of new sources of revenue, it represents part of the solution. We hope to work closely with the government and with experts in the social finance realm as the details of the Fund are developed in the coming months.” — http://imaginecanada.ca/news-item/imagine-canada-pleased-fall-economic-statement-commitments