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Social Finance Fund announced in Fall Fiscal Update

November 28, 2018

Indi Madar, Policy Advisor, Community Impact, Canadian Credit Union Association

One of the main components of the Fall Fiscal Update was the creation of a Social Finance Fund with seed capital of $755 million over ten years. CCUA welcomes this announcement and looks forward to collaborating with government officials and social finance leaders across Canada.

Given the intermediary role that credit unions play in the economy and the deep-rooted relationships they have within their communities, credit unions continue to be leaders in social innovation and social finance.

Background: CCUA Advocacy & Social Innovation and Social Finance Strategy (SISFS)

In November 2016, credit unions, through CCUA, were pleased to nominate Lauren Dobell (Vancity) to be part of the Co-Creation Steering Group. Lauren Dobell and 15 other members were selected from 189 eligible applications from across the country.

In November 2017, CCUA (through the Community Impact Committee) submitted recommendations to the SISFS Consultation, which included advocating for the creation of a central fund to accelerate social finance markets across Canada, by investing in existing funds such as the Canadian Co-operative Investment Fund.

In August 2018, the Steering Group delivered its final report to the Government, a set of twelve recommendations, including the creation of a central fund. Credit unions have 11 mentions in the report. The entire list of recommendations is available here.

Further details about the Social Finance Fund, including parameters and governance, will be released in early 2019. In the meantime, CCUA’s Community Impact Committee will explore opportunities and engage the system.

Please contact Indi Madar should you have any questions or comments.