Impatient Readiness: The State of Social Finance in Canada 2021 Foreword The Table of Impact Investment Practitioners – partners that anything but the lightest-touch at- The report tells a critical part of the social econ- and supported, in order to reinforce the emer- or the Table, as it has been fondly known to its tempts to harmonize the structure and content of omy story, but only part, This leads us to the third gence and development of inclusively innovative members since earlier iterations as a scrappy the chapters would be an injustice to the distinc- key facet of the report, perhaps the most central to practices. The pandemic, and the inequalities volunteer-driven community of practice – has a tiveness of the narratives. The practitioners tell the Table’s role as Investment Readiness Program it has exacerbated, compels us to think even great many people to thank for this inaugural State the stories that they have helped to shape. The as an “ecosystem mobilization partner.” From the more deeply about how we more effectively in- of Social Finance in Canada report. In an ecosys- narrative is from the viewpoints of social finance outset the project partners set out to ensure that vest to support a just, generative recovery, to tem where collaboration is an essential ingredient intermediaries – those who raise capital to in- this was not a standalone report, nor even the which this work is a timely contribution. The 2021 of progress, this was a particularly memorable vest in social purpose organizations, enterprises first of a series tracing an evolving perspective – State of Social Finance strives both to serve as shared effort, involving more than forty contribu- and initiatives for triple bottom-line returns – and however trenchant– but that it would also make a capacity-building tool to guide social finance tors. From the “project partners” steering group each chapter reflects distinct intersections of in- significant contribution to further research and intermediaries and partners towards the most determining the scope of the inquiry, to the fluences and experience. Crucially, the thematic fruitful knowledge-exchange among networks. promising practices, and to highlight - among pan-Canadian research team building the data- chapters speak to legacies of dispossession and The interactive maps that accompany this re- governments, investors and stakeholders com- base, to the compelling visualization of the data in exclusion experienced by marginalized, racialized, port represent the foundations of an open-source mitted to supporting a more sustainable and graphic and map form, complementing insights remote and underserved communities – and their platform deliberately built as a versatile resource equitable future - the pivotal role of social finance generated in community consultations - all cap- historically under-deployed capacities. While fully for all ecosystem partners. Already plotted with in advancing an inclusive recovery. tured by a writers’ collective encompassing all TIIP acknowledging persisting challenges, each of the National Aboriginal Capital Corporation members - the report represents the combined these chapters adopts an asset analysis – focus- Associations and Community Futures networks efforts of values-aligned partners from cover to sing on the enriching and amplification effect of and anticipating the addition of financial coop- cover. Exemplary cooperative practice would full, equitable inclusion, of social finance as a tool eratives, the dashboards have been designed usually discourage the naming of names, but a in charting a path to reconciliation, and the para- to allow ecosystem partners to further populate Lauren Dobell, single exception will be made here, to recognize, digm-shifting power of vigorous diversity among the database, and define the parameters for Executive Director, TIIP with great appreciation, project coordinator Lena those deploying the tools and capital of social their own purposes. Courcol’s indispensable herding. finance. Collectively, the reports’ authors speak to a burgeoning, innovative social finance land- This work was undertaken with support from the If the collective nature of the endeavour is the first scape, a robust and expanding infrastructure, and Investment Readiness Program, when it was al- of three facets of the report to highlight, the vibrant impressive existing and untapped potential to de- ready clear that the ways in which intermediaries diversity of the social finance landscape and the ploy catalytic capital for exponential effect. across the country were working to make more perspectives this work encompasses is another. resources available on the ground for social pur- Very early on it was recognized by the project pose organisations must be better understood 2 | Foreword Impatient Readiness: The State of Social Finance in Canada 2021 | 3 Foreword 2 Contents Contents 4 Acknowledgements 6 Introduction 10 Regions 28 Atlantic 30 Quebec 40 Ontario 48 Manitoba & Saskatchewan 56 Alberta 62 British Columbia 68 Pan-Canadian Themes 76 Indigenous 78 Grassroots 86 Inclusion, Diversity, Equity, Access (IDEA) 92 Conclusion 100 Appendix 104 Glossary of Terms 106 Bibliography 114 4 | Contents Impatient Readiness: The State of Social Finance in Canada 2021 | 5 LEAD AUTHORS Acknowledgements Introduction and Quebec Alberta Inclusion, Diversity, Methodology Equity, Access (IDEA) Nancy Neamtan Jane Bisbee Derek Ballantyne Author, Trente ans d’économie Social Enterprise Fund Narinder Dhami sociale au Québec : Un New Market Funds Marigold Capital mouvement en chantier British Columbia TIIP SECRETARIAT Lauren Dobell Victor Beausoleil Marguerite Mendell Garth Davis TIIP Jillisa Brown Concordia University Andy Broderick Ryan Oneil Knight Lauren Dobell Lena Courcol New Market Funds Atlantic Canada Social Economy through Social Executive Director IRP Coordinator Ontario Inclusion (SETSI) Seth Asimakos Indigenous Kelly Gauthier Saint John Community Loan Fund Rally Assets Conclusion Paul Lacerte Dianne Kelderman Jeffrey Cyr RESEARCH LEADS Derek Ballantyne Derek Ballantyne Nova Scotia Co-operative Raven Indigenous Capital New Market Funds New Market Funds Council Partners Karolina Kosciolek Kelly Gauthier Manitoba & Lauren Dobell Rally Assets Rally Assets Grassroots Saskatchewan TIIP` Sarah Leeson-Klym Sarah Leeson-Klym Canadian CED Network Canadian CED Network (CCEDNet) RESEARCH TEAM (CCEDNet) Atlantic Canada Manitoba & Saskatchewan North Inclusion, Diversity, Hilary Angrove Khayla Almonte-Davila Taylor Woudwyk Equity, Access (IDEA) Aditi Sriram Quebec Alberta Indigenous Alexandra Zybinova CONTRIBUTING AUTHORS Audrey Popa Brooks Hanewich Alexander Oldroyd Alexander Draper Pan-Canadian Ontario Grassroots Dylan Cohen Béatrice Alain Heather Conradi Charles Holt Darcy Penner Rebecca Waterhouse British Columbia Niall Harney Arshaan Mehra Chantier de l’économie Vancity Credit Union InvestEco Capital Canadian CED Network Emielia Dahl-Sam sociale (CCEDNet) Hazel Corcoran Travis Inlow Annette Aquin Canadian Co-operative Local Investing YYC Steve Petterson Hamilton Community Worker Federation National Social Value Fund Foundation Brenda Irwin MAPPING LEADS Carinna D’Abramo Rosales Relentless Venture Fund Maat Re Lina Bowden SEED Winnipeg Inc. Social Economy through Sarah Juma Jason Kelly Christopher Bone VERGE Capital Social Inclusion (SETSI) Jamila Flake Social Economy through University of Victoria University of Victoria Eoin Callan Social Economy through Social Inclusion (SETSI) Tracey Robertson Map Shop Map Shop Upper Canada Equity Fund Social Inclusion (SETSI) Ontario Trillium Foundation David Moffat James Chan Philippe Garant The Inlandsis Fund Brian Smith VERGE Capital Réseau d’investissement Rhiza Capital MAPPING TEAM social du Québec (RISQ) Stephen Nairne Jacques Charest Raven Indigenous Capital Joel Solomon Chantier de l’économie Jonathan Hera Partners Renewal Funds Henry Hart Kenneth Josephson Crystal Tremblay sociale Marigold Capital University of Victoria University of Victoria University of Victoria Trish Nixon Adam Spence Map Shop Map Shop Map Shop CoPower SVX 6 | Acknowledgements Impatient Readiness: The State of Social Finance in Canada 2021 | 7 Sarah Stuewe Michael Toye Mike Winterfield Bill Young Windmill Microlending Canadian CED Network Active Impact Investments Social Capital Partners (CCEDNet) Kevin Taylor Eden Yesh SVX Vijay Venkatesan BC Community Impact London Community Investment Coalition Foundation (BC CIIC) REPORT DESIGN & PRODUCTION Copy Editor Design & Layout Data Visualization Translators Rohan Quinby Aaron Legaspi Isaac Eckert Adela Nistor Dossier Creative Nicolas Soumis FUNDERS The research, development, and publication of this report was made possible from funding by the Government of Canada’s Investment Readiness Program 8 | Acknowledgements Impatient Readiness: The State of Social Finance in Canada 2021 | 9 certain investments), or funds that direct capi- and for the public good”4. These values shaped tal away from certain activities (e.g., zero-carbon the pre-confederation economies of Turtle Island funds) in favour of others. With the recent surge and can be seen in the tenets of the re-emerg- Introduction in interest in environmental, social and gover- ing social economy – sustainability, reciprocity, nance (ESG) investment there is often confusion and communal well-being. The elements of this between simple ESG screens and genuine im- framework can also be seen in the early system of pact investment, which is a more intentional and credit and