VERGE Capital — Breakthrough Fund
ON, Canada
Loans for social enterprises in Southwestern Ontario
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Agriculture, forestry, fishing and hunting
- Retail trade
- Health care and social assistance
grant_single|grantors
- Government of Ontario
- VERGE Capital
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get a loan up to $500,000 for your established social enterprise or large-scale community infrastructure that creates a significant community impact.
grant_single_labels|terms_and_conditions
This fund primarily provides financial support through affordable and flexible loan financing tailored to social enterprises in Southwestern Ontario. The aim is to offer equitable financial solutions that empower historically excluded and marginalized populations.
- Provision of affordable loans aimed at supporting both startup and established social enterprises.
- Flexible financing terms to accommodate varied enterprise needs.
grant_single_labels|projects
The VERGE Capital — Breakthrough Fund supports social enterprises in Southwestern Ontario that prioritize social and environmental impact. These activities include providing financial support to diverse initiatives aimed at fostering community growth and innovation.
- Investing in social enterprises, including for-profit businesses, nonprofits, and charities.
- Supporting historically excluded and marginalized populations through equitable access to capital.
- Encouraging sustainable growth and partnerships within local communities.
- Engaging in conservation and environmental enhancement projects in Ontario.
- Catalyzing women-led enterprises to promote economic recovery and resilience.
- Financing impact investments aimed at social innovation and development.
grant_single|admissibleProjectsExample
$ 500,000
Building a new community center for local engagement and activities
$ 200,000
Establishing an art therapy program for at-risk youth
$ 200,000
Renovating an existing community café to increase accessibility
$ 300,000
Developing a mobile app to connect volunteers with community projects
$ 400,000
Expansion of a local food cooperative to include more locally-sourced products
$ 250,000
Launching a new environmental education program schools
grant_single_labels|admissibility
Eligibility for this funding from VERGE Capital is based on several key criteria related to the applicant's operation and impact potential.
- Applicants must be social enterprises operating in Southwestern Ontario.
- Eligible applicants include startup and established for-profit businesses, non-profits, and charities.
- The enterprise should prioritize social, environmental, and community impact over solely financial profits.
- Preference may be given to social enterprises owned by, led by, or serving historically excluded and marginalized populations.
grant_eligibility_criteria|who_can_apply
VERGE Capital's Local Investment for Local Impact initiative provides funding to a diverse set of social enterprises in Southwestern Ontario. This includes for-profit businesses, nonprofits, and charities that prioritize social and environmental impact.VERGE Capital is particularly interested in supporting enterprises that are either:1. Owned by, led by, or serve historically excluded and marginalized populations.2. Aim to create social, environmental, and community impacts in the region.3. Commit to fostering local economies and contributing to a greener and more inclusive economy.
grant_eligibility_criteria|who_cannot_apply
Yes, certain types of companies may not be eligible for the VERGE Capital grant:
- Companies that do not operate in Southwestern Ontario
- Companies that do not have a focus on social impact or sustainability
grant_eligibility_criteria|eligible_expenses
VERGE Capital's initiatives focus on supporting social enterprises that drive economic inclusion and environmental sustainability. These activities are targeted towards enhancing access to finance for marginalized communities and fostering community-driven development.
- Providing affordable and flexible loan financing to startup and established social enterprises.
- Empowering communities through strategic partnerships and impact investments.
- Facilitating place-based impact investing to catalyze the growth of women-led enterprises.
- Developing collaborative community finance initiatives to drive local economic growth.
- Supporting conservation projects through innovative financing mechanisms like Conservation Impact Bonds.
grant_eligibility_criteria|zone
The VERGE Capital Breakthrough Fund focuses on supporting local economies in Southwestern Ontario. The fund is aimed at businesses, regardless of for-profit status, operating within this specific region.
- Southwestern Ontario, Canada
grant_single_labels|criteria
VERGE Capital has specific evaluation and selection criteria for their grant applications.
- Demonstrated commitment to social and environmental impact
- Viability of the business model and financial sustainability
- Potential for growth and scalability
- Innovation and creativity in addressing social and environmental challenges
- Alignment with VERGE Capital's mission and values
grant_single_labels|register
- Step 1: Review the eligibility criteria and guidelines
- Content: Check if your social enterprise meets the eligibility requirements outlined by VERGE Capital.
- Implications: Ensuring that your organization aligns with the fund's focus areas and objectives.
- Step 2: Prepare your application and supporting documents
- Content: Gather all necessary information and documentation required for the application process.
- Implications: Presenting a strong case for why your social enterprise should receive funding.
- Step 3: Submit your application
- Content: Follow the designated procedure to submit your application to VERGE Capital.
- Implications: Ensuring that your application is received and reviewed for potential funding.
- Step 4: Await funding decision
- Content: Allow time for VERGE Capital to assess your application and make a funding decision.
- Implications: Being patient while your application is under review and awaiting a response.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- Specifically aims to empower vibrant communities in Southwestern Ontario through strategic partnerships.
- Launch of Breakthrough Fund II with an initial investment highlights its commitment to sustainable growth.
- Focus on collaboration with cross-sectoral community finance stakeholders through initiatives like Catalyst: Community Finance Initiative.
- Emphasis on financing conservation projects in the Carolinian Zone as part of broader social and environmental impacts.
- Commitment to place-based impact investing, particularly in women-led enterprises for post-COVID recovery.
Apply to this program
Empowering Social Enterprises in Southwestern Ontario
VERGE Capital offers affordable and flexible loan financing to both startup and established social enterprises within Southwestern Ontario, focusing on enterprises that prioritize people and the planet. The initiative aims to enhance equitable access to capital, especially for social enterprises catering to historically marginalized and excluded populations.
Diving Deeper Into VERGE Capital's Social Impact Program
VERGE Capital's initiative is a beacon of hope and support for social enterprises in Southwestern Ontario, enabling an ecosystem where businesses committed to social and environmental causes can thrive. As a program under the Pillar Nonprofit Network, VERGE Capital collaborates with a myriad of community partners to drive a greener and more inclusive economy. The program emphasizes providing loan financing to for-profit businesses, nonprofits, and charities that are poised to deliver substantial social impact and stimulate growth within local communities.
With a primary objective of rendering equitable access to financial resources, VERGE Capital targets social enterprises that are often overlooked by traditional financial institutions. This includes enterprises owned by, led by, or serving historically marginalized communities, ensuring that these groups have the necessary support to champion societal change. Such enterprises are instrumental in addressing a variety of social issues including, but not limited to, economic inequality, environmental sustainability, and community-led development.
Through initiatives like the recently launched Breakthrough Fund II, which commands a formidable initial investment of $1.75 million, VERGE Capital showcases its commitment to fostering sustainable growth and creating systemic change. This fund is tailored to empower communities across Southwestern Ontario through strategic partnerships and impact investments, signaling a pivotal step towards realizing long-term economic resilience and inclusivity. By investing in these enterprises, VERGE Capital not only aids in their scaling and operational capacity but also optimizes their reach and impact across the region.
Moreover, VERGE Capital's role transcends merely funding projects. The support extended includes strategic guidance and fostering a network of collaborations that amplify the enterprise's operational procedures and outcome achievements. By doing so, VERGE Capital aspires to not only be a financial ally but a strategic partner in nurturing innovation and facilitating a robust social enterprise ecosystem.
Examples of success stories such as Urban Roots London highlight the potential for resilience and social impact, with enterprises demonstrating exemplary flexibility and community engagement despite challenges posed by broader economic disruptions. Similarly, the introduction of initiatives like the Catalyst: Community Finance Initiative illustrates VERGE Capital's dedication to forming cross-sectoral alliances aimed at driving community-based financial solutions.
In addition, VERGE Capital's influence extends to educating and mentoring emerging voices, evidenced by their internship programs that equip the next generation of leaders with insights and experiences in social finance. By actively engaging youth in meaningful project experiences, VERGE Capital builds a pipeline of informed, socially conscious professionals ready to lead future endeavors in impact investing.
In summary, VERGE Capital's financial offerings are a crucial element in the landscape of social enterprise funding within Southwestern Ontario. It not only delivers necessary capital but also catalyzes systemic transformation through an unwavering commitment to inclusivity, sustainability, and resilient local economies. This is an opportunity for aspiring and established social enterprises to not only gain financial backing but to contribute to a broader mission of social and environmental rectification and development. This ongoing support demonstrates VERGE Capital's forethought in combining financial acumen with social responsibility to forge pathways of success that benefit communities at large.
