CFSEA executive director Chris Christie said the program will help direct money directly to groups who are making a difference in their communities.
“Local organizations know the issues in their local area and the solutions are from those organizations,” said Christie. “But, the federal government recognizes that they need help in developing a good solid business plan, marketing plan.”
The first round of applications opened on January 8 and will feature $18.8 million in funding available to these organizations across Canada, with $177,000 earmarked for southern Alberta’s two chapters.
Craig Wood, executive director with REDI Enterprises in Medicine Hat, was one of close to a dozen people taking in the session and said the program aligns well with their initiatives.
“REDI has been doing it since 1952,” said Wood. “It’s a really important part of what we do and it makes a lot of good sense. It’s a win-win where you’re generating profits, giving back to the community, doing something important, and then also sustaining yourself locally for the services you provide.”
Locals will have until February 10 to place their applications for the funding, however future rounds of applications have been planned for the spring and fall.
“I certainly have a lot of things going on in my mind right now of different opportunities,” said Wood. “Short timelines, so I’m glad there’s going to be a couple of different rounds because getting things together in a short time may be a bit of a challenge.”
The grant money must be used strictly for the promotion of social initiatives rather than operating expenses, however Wood said if selected it would be a big boost to areas of marketing they haven’t been able to tap into before.
“We don’t have the extra money to do the extras like a business plan or a marketing plan,” he said. “So, this gives you that seed money to do it and do it well, and it gives you a better chance of being successful down the road.”
Many of the groups in attendance on Tuesday don’t rely on corporate funding, instead paying the bills through fundraising and acquiring these types of grants.
Christie said the goal of the program is to get these non-profits and small businesses to the point where they can sustain themselves through private funding.
“Our hope is that by helping organizations develop good business plans and get proper footing for their social enterprise, that down the road if they need to expand or branch out in a different area, that they can attract private investment as opposed to applying for government grants and local funding,” said Christie.
Anyone interested in applying for the Investment Readiness Program is encouraged to visit irp-ppi.ca to find out more information.
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