The Social Enterprise Fund: Money on a Mission
Social enterprise is attracting a lot of attention around the world – as a great way to make the world a better place.
Although certainly not new, (think of the co-operative movement in the 1840s, or the first thrift shop in the 1890s), the power of social impact investing has captured the imaginations of those seeking to meet a wide range of social, environmental and cultural challenges.
The Canadian Task Force on Social Finance has defined social enterprise as “any organization or business that uses market oriented production and sale of goods and/or services to pursue a public benefit mission.” Social enterprises come in all shapes and sizes, but are united in their passion for change, using business to power that change, and a desire to be more self-reliant in creating the change they seek in the community.
The Social Enterprise Fund was established to provide financial support in the form of loans to organizations in Edmonton that are launching or growing a social enterprise. One of our friends described SEF as being “like Dragons’ Den, but for good.” Basically, we can provide patient capital to make social enterprise a reality.
Put simply, the Social Enterprise Fund is a loan fund. We lend money to social enterprises that want to make things better in the community, and in the world.
SEF was established in 2008 through a unique collaboration between the Edmonton Community Foundation and the City of Edmonton. Other contributors to the fund have included the United Way, the Alberta Real Estate Foundation and several private contributors.
Social enterprises, like any small businesses, require access to capital in order to grow. Given their sometimes unusual structure or business sphere, they can have challenges finding the financing they need to grow through traditional sources. SEF acts as a patient lender working with these enterprises to meet their financing needs, whether through a big loan or small. Loans are repayable with interest – and in this way, the funds can go on to assist other social entrepreneurs.
For more information please contact Jane Bisbee at 780.756.0660 [Email: jane@socialenterprisefund.ca / Address: 9613 111 Ave, Edmonton AB T5G 0A9].
Information gathered from http://socialenterprisefund.ca/