One million dollars in capital now available for Canadian co-operatives evolving to respond to changing economy
Oct 7, 2020
Through Co-operators Community Funds – Co-op Impact Program, small and medium-sized Canadian co-operatives can apply for patient capital as they adapt to emerging needs
GUELPH, ON, Oct. 7, 2020 /CNW/ - Through Co-operators Community Funds, The Co-operators is reinforcing ongoing co-operative sector support by making $1 million in patient capital available through its newly launched Co-op Impact Program. The focus of the program is to support small and medium-sized co-operatives as they adapt in a shifting economic landscape in the wake of the COVID-19 pandemic.
"Innovating products and services to best support their members, employees and communities during the uncertainty of a pandemic can be challenging, but securing capital to support innovation doesn't have to be," says Collette Robertson, Chairperson – Board of Directors, Co-operators Community Funds. "We also believe that in times like these it is more important than ever for co-ops and their members to continue to support one another, which is why strengthening a vibrant co-operative movement in Canada as they adapt to emerging needs is crucial."
The $1 million Co-op Impact Program is made available through Co-operators Community Funds (CCF), and furthers efforts to invest 10 per cent of its investment portfolio into community impact investments, which generate a financial rate of return while contributing to social and environmental benefits. Through the Co-op Impact Program, patient capital, in the form of low interest loans between $40,000 to $100,000 will be made available to individual co-operatives whose new or existing project-based initiatives are supporting their efforts to thrive in the COVID-19 environment.
Canadian co-operatives can complete a 5-minute self-assessment to find out if they are eligible to participate in the Co-op Impact Program. Learn more about the Co-op Impact Program.
About The Co-operators:
The Co-operators Group Limited is a Canadian co-operative with more than $51.4 billion in assets under administration. Through its group of companies, it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is ranked as a Corporate Knights' Best 50 Corporate Citizen in Canada and listed among the Best Employers in Canada by Kincentric (formerly AON). For more information, visit www.cooperators.ca.
About Co-operators Community Funds:
Co-operators Community Funds (CCF) support community economic development initiatives that lead to job creation and/or enhanced employability for marginalized youth and individuals with mental health challenges. Since 1995, over $7.6 million has been disbursed to 177 charities, non-profit organizations, social enterprises, and co-operatives. CCF also helps address environmental and social challenges through impact and community impact investments, which together represent 74 per cent of the $13 million CCF investment portfolio. Find more information about Co-operators Community Funds.
SOURCE The Co-operators Group Limited
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