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
Projects or activities eligible for the grant may include:
- Startup and established social enterprises in Southwestern Ontario
- For-profit businesses, nonprofits, and charities
- Social enterprises owned by, led by, or serving historically excluded and marginalized populations
grant_single|admissibleProjectsExample
$60,000
Hamilton
Implement a community kitchen to combat food insecurity in Hamilton.
$70,000
Windsor
Launch a recycling initiative in Windsor to reduce plastic waste.
$65,000
London
Expand a local craft brewery in London to create new job opportunities.
$50,000
Ottawa
Develop a mobile app in Ottawa to connect volunteers with community service needs.
$55,000
Toronto
Create a mentorship program in Toronto for marginalized youth entering the tech industry.
$65,000
Calgary
Establish an urban garden in Calgary to promote sustainable living and community education.
grant_single_labels|admissibility
- Applicants must be social enterprises operating in Southwestern Ontario.
- Priority is given to enterprises owned by, led by, or serving historically excluded and marginalized populations.
- Applicants must demonstrate a commitment to social and environmental impact.
grant_eligibility_criteria|who_can_apply
VERGE Capital provides loan financing to startup and established social enterprises in Southwestern Ontario, including for-profit businesses, nonprofits, and charities. The focus is on supporting social enterprises owned by, led by, or serving historically excluded and marginalized populations.
- For-profit businesses
- Nonprofits
- Charities
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
There are eligible expenses for this grant. The eligible expenses include:
- Startup and operational costs for social enterprises
- Capital expenditures for improving social and environmental impact
- Expansion and growth initiatives for eligible businesses
- Training and capacity-building programs for marginalized populations
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.
Apply to this program
Grant Summary:
VERGE Capital's Breakthrough Fund II, with an initial $1.75 million investment, aims to empower local economies in Southwestern Ontario through strategic partnerships and impact investments, supporting social enterprises for sustainable growth.
Exploring VERGE Capital's Breakthrough Fund II
VERGE Capital, a social finance program of Pillar Nonprofit Network, has launched the Breakthrough Fund II, a significant step towards fostering local economies and communities in Southwestern Ontario. This fund, with an initial investment of $1.75 million, is designed to empower social enterprises in the region through flexible loan financing, striving to create a more inclusive and greener economy.
At VERGE Capital, the focus is on providing affordable funding options for startup and established social enterprises, including for-profit businesses, nonprofits, and charities in Southwestern Ontario. By offering equitable access to capital, especially for enterprises owned by, led by, or serving marginalized populations, VERGE Capital aims to drive social and environmental impact while promoting economic growth in the region.
The Breakthrough Fund II is a testament to VERGE Capital's commitment to local impact investing, supporting initiatives that prioritize people and the planet. Through this fund, social enterprises can access the financial resources they need to scale their operations, create jobs, and make a positive difference in their communities.
VERGE Capital's approach to impact investing goes beyond traditional financial metrics, focusing on the wider social and environmental benefits generated by the supported enterprises. By fostering collaboration and innovation, the Breakthrough Fund II seeks to stimulate sustainable growth and resilience in Southwestern Ontario, setting a new standard for community-focused investment initiatives.
Through partnerships with organizations like SALT Leisure Wear, Urban Roots London, A Friendlier Company, and Forest City SynBio, VERGE Capital has already made significant investments in impactful ventures that are driving positive change in the region. The fund's success stories reflect the transformative power of social finance in building a more inclusive and sustainable economy.
As part of its mission to catalyze community capital and support conservation efforts in the Carolinian Zone, VERGE Capital is actively engaging with stakeholders to create opportunities for place-based impact investing. By leveraging the power of local resources and expertise, the fund is paving the way for a more resilient and equitable economic landscape in Ontario.
By advocating for social finance strategies at the national level and sharing key insights and recommendations with policymakers, VERGE Capital is actively shaping the future of impact investing in Canada. The fund's dedication to driving positive change through financial innovation exemplifies its role as a leader in the social finance sector.
VERGE Capital's Breakthrough Fund II stands as a beacon of hope for social enterprises in Southwestern Ontario, offering the financial support and strategic guidance needed to thrive in a rapidly evolving economic landscape. With a focus on sustainability, inclusivity, and community empowerment, this fund is driving real change and making a lasting impact on the region's social and economic fabric.
