Yesterday’s federal budget contained two financial commitments for advancing the federal Social Innovation and Social Finance Strategy, which provide a foundation for moving forward on this file.

The government committed to:

• Renew the Investment Readiness Program with an investment of $50 million over two years.  (Advocacy efforts had asked for a permanent program at $100 million per year.)
• Launch already-planned disbursements of the $755 million Social Finance Fund and deploy up to $220 million over its first two years, starting this year.

For further reading:

• Federal Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience (see page 207 for the specific commitments outlined above)
• Imagine Canada’s budget response: Federal budget makes strides for nonprofits and charities
• Chantier de l’économie sociale’s budget response (French only)