BC Community Investment Funds
- Community development
- Economic development
- Fundraising
- Housing
- Globalization
- Networking
- Philanthropy
Example: Walk us through a specific example(s) of how this solution makes a difference; include its primary activities.
Marketplace: Who else is addressing the problem outlined here? How does the proposed project differ from these approaches?
Founding Story
Rupert
Downing
Community Social Planning Council of Greater Victoria
, BC, Victoria
, BC, Greater Victoria - South Vancouver Island - and other interested communities in BC
Vancouver, Coast and Mountains, Vancouver Island, Thompson Okanagan, Northern British Columbia, Cariboo Chilcotin Coast, Kootenay Rockies, Columbia Basin.
More than 5 years
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Operating for more than 5 years
Create a federation of community investment funds across BC that direct capital from individuals and institutions to locally owned and controlled enterprises, affordable housing and other community assets, that strengthen and regenerate local economies. The first phase of the initiative involves modelling the fund in the Capital Region, the second phase involves knowledge mobilization and engagement through a "change lab" group to adapt the model to other regions. The third phase involves working to establish provincial government regulation to enable and advantage the model through tax incentives.
This model has resulted in substantial benefits to local communities in Nova Scotia, Manitoba and Quebec. It is also a major component of community investment programs in the United States (e.g. New Hampshire) and the UK. It is a foundation of social innovation and social entrepreneurship programs across OECD jurisdictions.
Our aim is to raise $5 million in capital through the Capital Region Community Investment Fund in 2013/14. If the model is successful and provided with tax incentives by government, then 2% of RRSP contributions have been directed into community investment funds in other jurisdictions. That would equate to $7 m annually in the Capital Regional District.
A completed business plan and statement of offering, ready to go public
Complete draft statement of offering, including review of key potential community investments
Complete business plan
Engage community on proposed model
A successful first round of community investment fund raising
Develop promotional materials and engagement strategy
Launch first community investment fundraising effort
Draft boiler plate legal agreements
We have substantial partnerships with credit unions, non profit and cooperative housing development organizations, faith based organizations, community economic development and social enterprise stakeholders. Expressions of interest have also been made by local government representatives, foundations and individual philanthropists. A Steering Committee meets regularly to help direct development of the project from across these stakeholders. Vancity Credit Union has contributed start up financing and in kind support.
We have requests from Transition Towns, credit union, and local government organizations across Vancouver Island to share information on our model. We anticipate interest from other regions of BC.
The Community Council is a leader in social innovation in the Capital Region with 75 years experience. It is also a key member of the Canadian Community Economic Development Network, and the Cities Reducing Poverty Network nationally. The council is a dynamic incubator of socio-economic innovation in the region and leads the development of social entrepreneurship in Greater Victoria. The combination of staff expertise and volunteer-stakeholder engagement produces a flexible, inclusive and dynamic platform for social innovation.