WHAT IS NEEDED?
THREE KEY ACTIONS
We have established these priority actions based on evolving economic data and sector trends, gaps in the current response, and insights from community conversations with key stakeholders across Canada. Moreover, these priority actions aim to address the need for short-term emergency relief as well as the need for medium- to long-term recovery and regeneration.
ENTERPRISE RESPONSE PROGRAM
SOCIAL ENTERPRISE ADAPTATION, RELIEF, AND RECOVERY FUND
COMMUNITY CAPITAL INSTITUTIONS
Provide funding for intermediaries to deliver critical technical assistance to organizations and enterprises that are seeking to navigate COVID-19.
Develop and capitalize a social enterprise and nonprofit sector blended finance fund targeting regions (and identified sectors in regions) in rural, urban and Northern Canada, women, and indigenous entrepreneurs with grants and loans for adaptation, relief, and recovery. Aspects of this action can be achieved through the proposal of the National Impact Investment Practitioner's Table to accelerate the Social Finance Fund and allocate capital to indigenous funds, current impact investing funds, and emerging impact investing funds.
Establish a framework to identify, qualify, and provide ongoing support to a new category of community development financial institutions that can provide capital and capacity supports to organizations and enterprises that can lead recovery and regeneration efforts at a local level, modelled on similar frameworks in the United States and in the United Kingdom.