The Social Enterprise Network of Nova Scotia and the national Social Enterprise Ecosystem Project have joined up to launch the province’s first impact investment fund, the Social Enterprise Impact Investment Pilot.
The two groups issued a press release Wednesday saying they worked collaboratively to bring the national funds to Nova Scotia to help people looking to start a social enterprise.
The press release says the funding will “level the playing field” for social entrepreneurs. It addresses the long-standing problem of more capital being available for innovation-based companies than for ventures whose main goal is to benefit society and the environment.
“We are thrilled to be able to deepen our work in supporting social enterprises across the province,” said SENNS President Cathy Deagle Gammon in a statement. “This investment fund means more access to capital, which means more opportunity for startup success and growth, something our social enterprises need in order to have a lasting impact in our communities.”
The fund will provide between $1,000 and $15,000 to successful applicants, either as a loan or an equity investment. It will not make grants to companies.
Applicants will be assessed on both their business case (including the opportunity, business plan, leadership team, and community support) as well as the venture’s social or environmental mission. The assessment will consider the financial sustainability of the proposal and whether it has the ability to grow and expand its social impacts.
Applications for the fund are available here.
SENNS is a non-profit, member-led society, building a movement on behalf of social enterprises across the province. It is committed to advocating on behalf of entrepreneurs and businesses whose missions involve strengthening our communities.