VERGE Capital — Startup 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
- Professional, scientific and technical services
- Other services (except public administration)
grant_single|grantors
- Government of Ontario
- VERGE Capital
grant_single|status
grant_card_status|open
grant_single_labels|preview
If you're a startup or small business, you could get a low-interest loan of up to $100,000 for initiatives that achieve social, economic, environmental, and community goals.
grant_single_labels|projects
This funding program supports companies located in Southwestern Ontario. The scope of investment is intentionally focused on this region to drive local economic and community development.
- Southwestern Ontario, Canada.
grant_single|admissibleProjectsExample
$65,000
Establish an urban garden to promote sustainable living and community education
$70,000
Launch a recycling initiative to reduce plastic waste
$60,000
Implement a community kitchen to combat food insecurity
$55,000
Create a mentorship program for marginalized youth entering the tech industry
$65,000
Expand a local craft brewery to create new job opportunities
$50,000
Develop a mobile app to connect volunteers with community service needs
grant_single_labels|admissibility
Eligibility for VERGE Capital's support is based on specific criteria to support social enterprises in Southwestern Ontario.
- The enterprise must operate within Southwestern Ontario.
- The enterprise can be a for-profit business, nonprofit, or charity.
- The enterprise must be a social enterprise prioritizing people and planet.
- Preference is given to enterprises owned by, led by, or serving historically excluded and marginalized populations.
grant_eligibility_criteria|who_can_apply
VERGE Capital provides loans to social enterprises in Southwestern Ontario, including for-profit businesses, nonprofits, and charities. These loans are especially targeted towards enterprises owned by, led by, or serving historically excluded and marginalized populations. The organization welcomes applications from those who aim to make a positive social and environmental impact in their communities.
grant_eligibility_criteria|who_cannot_apply
There are specific types of companies that are not eligible for this grant. They include:
- Companies outside of Southwestern Ontario
- Businesses not focused on social or environmental impact
grant_eligibility_criteria|eligible_expenses
This initiative focuses on empowering social enterprises that prioritize social and environmental impact in Southwestern Ontario. The activities eligible under this grant emphasize equitable access to capital and community-driven collaboration.
- Provision of affordable and flexible loan financing to social enterprises.
- Investment in for-profit businesses, nonprofits, and charities aiming for social good.
- Support for enterprises owned by or serving marginalized communities.
- Facilitation of strategic partnerships to enhance community impact.
grant_single_labels|criteria
There are evaluation and selection criteria for this grant.
- Evaluating the applicant’s social and environmental impact potential
- Assessing the financial feasibility and sustainability of the proposed project
- Reviewing the alignment of the proposal with VERGE Capital's mission and values
- Evaluating the capacity of the applicant to manage and execute the project effectively
- Considering the potential for community engagement and collaboration
grant_single_labels|register
- Contact VERGE Capital to express interest in applying for a loan.
- Attend an initial meeting to discuss the business and loan requirements.
- Complete the loan application form provided by VERGE Capital.
- Submit all required documentation, including financial statements and business plans.
- Participate in further discussions and due diligence processes as needed.
- Receive a decision on the loan application from VERGE Capital.
- If approved, finalize the terms of the loan agreement and receive funding.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- VERGE Capital emphasizes supporting enterprises that contribute to a greener and more inclusive economy.
- The initiative is particularly focused on fostering social enterprises that address local community needs and deliver social, environmental, and community impact.
- Recent initiatives have included efforts towards financing conservation, community finance initiatives, and supporting women-led enterprises, indicating a broad scope of interest areas.
- VERGE Capital is a collaborative effort, indicating potential networking and partnership opportunities for applicants.
Apply to this program
Empowering Local Communities through Impact Investment
The LOCAL INVESTMENT FOR LOCAL IMPACT grant offered by VERGE Capital focuses on fuelling social enterprises in Southwestern Ontario, ensuring they place people and the planet at the forefront of their operations. This financial assistance is tailored to both established and emerging enterprises, enhancing their capability to drive equitable growth within localities.
Diving Deep into Social Finance and Its Role in Economic Development
The LOCAL INVESTMENT FOR LOCAL IMPACT initiative by VERGE Capital epitomizes a pioneering approach towards revitalizing Southern Ontario's socio-economic landscape through strategic impact investments. As a dedicated faction of the Pillar Nonprofit Network, VERGE Capital seeks to reshape how communities grow by embedding social finance deeply into the regional economic framework. This grant program is distinctively designed to dismantle the barriers that socio-economically excluded groups face, offering them a viable chance at receiving capital which is typically more challenging to access. By financing both for-profit and nonprofit social enterprises, VERGE Capital ensures a dual approach in fostering both sustainable business models and enriching community-centric growth.
What sets this grant apart from conventional funding sources is its core commitment to inclusivity and sustainability. In the face of pressing challenges such as economic disparity and environmental sustainability, VERGE Capital’s investment strategy prioritizes enterprises that envisage transformative impacts for the underserved populations. By targeting organizations owned or led by marginalized communities, the fund not only promotes economic equity but actively partakes in the dismantling of systemic impediments that hinder widespread, inclusive prosperity.
The inception of Breakthrough Fund II, under VERGE Capital’s purview, marks a significant milestone towards realizing this vision by infusing an initial $1.75 million into promising local enterprises. Such enterprises are pivotal in echoing the fund's vision of green growth and inclusive economics. This grant doesn't just provide financial backing; it acts as a catalyst for transformative change across the business landscape of Southwestern Ontario, directly impacting communities, employment rates, and environmental practices.
Furthermore, VERGE Capital’s track record, as highlighted by their support for new investees like SALT Leisure Wear and Urban Roots London, underscores their effectiveness and the potential of community-based impact investments. These enterprises embody resilience and a forward-thinking ethos that VERGE seeks in its partners.
The broader socio-economic impact cannot be overstressed. Every successful enterprise funded through this program becomes a blueprint of how targeted financial interventions can stimulate a chain reaction of local innovations, community partnerships, and an ecosystem of continuous improvement. It advocates for a model wherein financial gains and social progress coexist symbiotically, proving that economic systems can be reoriented towards social good without compromising on profitability or growth.
Finally, the LOCAL INVESTMENT FOR LOCAL IMPACT grant serves as an exemplary model of how social finance can be operationalized in regional development. It addresses not only immediate funding needs but establishes a sustainable framework that encourages continuous participation and growth among stakeholders. By challenging traditional financing paradigms and creating a landscape where capital is accessible based on merit and potential impact rather than mere profitability, VERGE Capital is redefining community banking standards.
