Canadian Government set to invest $755 million to establish Social Finance Fund

Ash Murni / November 27, 2018

Minister of Families, Children and Social Development, Jean-Yves Duclos announced the federal government is investing millions in a Social Finance Fund.
(Jean-Yves Duclos / Aiya Benaso BCIT News)

The Canadian Government announced that $755 million will be invested to establish the Social Financial Fund. The multi-million dollar investment will take place over the course of 10 years and plans to create thousands of jobs and foster economic growth.

This fund will give charitable, non-profit and social-purpose organizations access to new financing and connect them with non-government investors. Homelessness, long-term unemployment and the opioid crisis are challenges the fund hopes to solve by providing new tools and capital to community organizations.

The Honourable Jean-Yvos Duclos, Minister of Families, Children and Social Development, said “It’s about empowering people but also empowering organizations and communities whose primary objectives are not exclusively defined by profits but by the notion that everybody everywhere deserves dignity.”

“It’s about our government’s priority to make sure that economic growth and prosperity benefits the many, not just the few.” – Jean-Yves Duclos, Minister of Families, Children and Social Development

Minister Duclos was in Vancouver to update Canadians on the Fall Economic Statement 2018 which included the Social Finance Fund. Duclos discussed the next steps in the government’s plan to grow the economy specifically by investing in middle-class jobs.

Along with the $755 million an additional $50 million will be invested over a two year period intended on helping social purpose organizations in improving their ability to successfully participate in the social finance market.

The Social Finance Fund could generate up to $2 billion for the Canadian economy and create 100,000 job opportunities for the middle-class over the next 10 years.

The Social Finance Fund plans to help communities solve challenges such as homelessness and the opioid crisis.
(Minister Duclos / Aiya Benaso BCIT News)