Based on the success of the pilot program, the renewed Investment Readiness Program (IRP) will continue to advance Social Innovation and Social Finance (SI/SF) in Canada. It will support social purpose organizations (SPOs) to build their capacity to access social finance and a strengthened SI/SF ecosystem. SPOs are organizations with a social or environmental mission. SPOs straddle the charitable and non-profit sector and the private sector.
The renewed IRP will be delivered under 2 streams:
- stream 1 (Readiness support partners) will provide funding to SPOs to build skills and capacity to access social finance investment. SPOs will use the funding to get help do market analyses, develop new products and services, build business plans and acquire technical expertise
- stream 2 (Ecosystem builders) will invest in projects that help grow and strengthen the SI/SF ecosystem. This will provide another layer of support to SPOs