By Dorothy Bartoszewski
Vancity and Vancouver Foundation have launched the Resilient Capital program.
This high-impact investment program will help build resilient communities by making up to $15 million available for qualifying social enterprises. It also includes a new product for depositors who want to make a guaranteed fixed return on their money while backing social enterprises that are making a positive impact in the community.
Faye Wightman, CEO of Vancouver Foundation, says there are many philanthropists who want to go beyond simply donating money to good causes.
“The idea that they can now support local projects – with high social and environmental impact – while also making a return on their investment, is a perfect way to help them expand their support of the community,” she says.
In developing the Resilient Capital program, Vancity and Vancouver Foundation each provided $1.75 million in first-loss revenues. This $3.5 million commitment has already attracted an additional $6.85 million via long-term Vancity deposits made by 12 individuals and organizations:
- Vancity Community Foundation
- Tides Canada Foundation
- Illahie Foundation
- The Grain Workers Union
- PosAbilities
- Bealight Foundation
- Carol Newell
- Fraser Wilson
- Lundin Foundation
- The J.W. McConnell Family Foundation
- United Steel Works District Three
- an anonymous investor
There is now $10.35 million of capital available through this program. Vancity intends to build on this strong base with support from additional impact-focused depositors, potentially growing this patient capital program up to $15 million through additional five- to seven-year deposits.
The Resilient Capital program can help accelerate the growth and impact of emerging social enterprises and provide much-needed equity capital and loans, with flexible repayment terms. Resilient Capital Program investee enterprises include Save-on-Meats, Atira Property Management and Corporate Knights.
For more information about the Resilient Capital program and Resilient Capital term deposits, click here
Dorothy Bartoszewski is Communications Coordinator with Vancouver Foundation
