There’s much talk these days about community investment, and Hamilton Community Foundation is putting its money where its mouth is.
Canadian charities have historically had difficulty finding financing for expanding services and facilities, and this lack of funding for core operations, growth and diversification inhibits what they can accomplish.
That’s why the Community Foundation has launched the Community Investment Fund, putting aside $5 million from its unrestricted fund to invest in local charitable projects – instead of the stock market. . This amount includes $2 million available as loans to the non-profit sector, through a partnership with the Community Forward Fund, an innovative loan and investment fund that provides loans to nonprofits and charities.
“We expect community investment to go beyond traditional granting and fill an important gap and go a long way to strengthening the charitable sector and the city,” says Terry Cooke, President & CEO.
The first loan was issued this summer to Hamilton Artists Inc., a long-standing artist-run centre that supports and reflects the diverse environment of the community. It means the group can complete a building project that will contribute significantly to downtown revitalization and a burgeoning arts scene.
“It’s a stunning transformation at one of Hamilton’s most visible corners,” says Cooke. “They will be able to complete their project on time while awaiting the promised financing that has been delayed.
“I’m thrilled that HCF is able to use more of its assets in unique ways to support positive change in the community.”