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New Grant Program to Encourage the Development of Canadian Social Enterprises
Capital One Canada and Enterprising Non-Profits partner to support youth
New Grant Program to Encourage the Development of Canadian Social Enterprises
Capital One Canada and Enterprising Non-Profits partner to support youth
Published 09-22-11
Submitted by Capital One Canada
Today, Enterprising Non-Profits (enp) and Capital One Canada announced an innovative new program designed to provide Canadian youth and non-profits servicing youth access to funds to build and sustain social enterprises. The new Capital One Youth Entrepreneurship Fund will be available starting Fall 2011 and will aim to build stronger communities by empowering the non-profit sector with the resources and coaching they need to build sustainable funding models.
The Capital One Youth Entrepreneurship Fund will be available in four major Canadian cities (Toronto, Calgary, Vancouver and Montreal) and will provide grants to support the development of revenue-generating enterprises, enhance their programs or services, or as a way to stabilize and diversify a charity’s funding base. This program will be focused on enabling youth and organizations servicing youth to conduct planning activities to develop or grow a social business venture.
"Building the capacity to create revenue-generating social businesses has the dual benefit of stabilizing funding for the nonprofit sector, while also providing valuable social services that will benefit the next generation of Canadians," said Rob Livingston, President, Capital One Canada. "It is our hope that the social enterprises that grow out of this fund will benefit Canadian youth through job creation, education, training and life skills support."
A "social enterprise" refers to business ventures operated by non-profits, whether they are societies, charities or co-operatives where they sell goods or provide services in the market for the purpose of creating a blended return on investment, both financial and social. Their profits are returned to the business or to a social purpose, rather than maximizing profits to shareholders.
"Because we realize the range of opportunities that social enterprises can offer youth and youth-at-risk in achieving their next level of success, enp is very excited to partner with Capital One Canada to expand our engagement and support for youth-focused social enterprises," added David LePage, enp’s Program Manager.
Since the development of revenue-generating enterprises can be challenging and require a different set of skills, the Capital One Youth Entrepreneurship Fund will also fund workshops in order to help non-profit organizations develop a thorough understanding of the realities and risks of embarking on an enterprise initiative. Attendance at a workshop is required for prospective grant applicants to ensure that staff and board members have a thorough understanding of the issues involved in enterprise development.
Full details about the Capital One Youth Entrepreneurship Fund, including deadlines and criteria, can be found on Enterprising Non-Profits' website at www.enterprisingnonprofits.ca.
About Capital One
Located in Toronto, Ontario, Capital One has offered Canadian consumers a range of competitive MasterCard credit cards since 1996, when the company first introduced the Platinum MasterCard in Canada. Capital One Canada is a division of Capital One Bank, a subsidiary of Capital One Financial Corporation of McLean, Virginia (NYSE: COF). Capital One is committed to investing in youth in our communities through program investment and the skills and dedication of our talented associates.
About Enterprising Non-Profits
Enterprising Non-Profits (enp) was initiated in 1997, to provide support for non-profit organizations to use business models, social enterprise, as a means to build their success and sustainability. enp provides online resources at www.enterprisingnonprofits.ca, learning opportunities through workshops and the Canadian Guide to Social Enterprise, and grants to provide technical assistance in business development and planning. enp is a unique collaboration of multiple funders. The Capital One Youth Entrepreneurship Fund will be distributed across Canada via enp-BC in Vancouver, enp-AB in Calgary, enp-TO in Toronto and Chantier de L’economie Social in Montreal.
