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Impact Investing Gets Major Vote of Confidence from Feds
Federal government announces $805M Social Finance Fund
Sechelt, British Columbia: The Sunshine Coast Credit Union, Rhiza Capital and Community Futures Sunshine Coast are joining social finance leaders from across Canada in celebration as the Federal Government announces a $755 million fund for social finance in the Fall Economic Statement. An additional $50 million will be made available through an Investment and Readiness stream over the next 2 years. Social finance is the practice of making investments that deliver social and environmental returns, as well as financial.
Brian Smith, Rhiza Capital CEO, and member of the pan-Canadian National Impact Investment Practitioners (NIIPS) Table, sees the Social Finance Fund as a “big step forward for social finance and supporting the work we and others have been doing for years.” With NIIPSt members he believes this will strengthen an ecosystem of intermediaries and entrepreneurs who are developing new business models to create jobs and serve communities which generate positive social outcomes. Driving these resources into capable hands will result in building more affordable housing, reducing our carbon footprint, employing vulnerable people and creating an economy that works for everyone.
Some recent Rhiza investments include Salish Soils, Popul8, Mesh Food Exchange and Ethelo Decisions. “We continue to look at ways to create financing strategies that leverage community impact.” As the lines between charities, not for profits, and private enterprises blurs, the Social Finance Fund comes at a time when both investors and companies want to create real change in communities.
While work is ongoing on how the administration of the Fund will be managed, it is expected that both new and existing funds will be able access this new capital. In August, the Recommendations of the Social Innovation and Social Finance Strategy Co-Creation Steering Group highlighted Rhiza Capital as an example of the type of existing funds that the Social Finance Fund could support. Additional details about the Social Finance Fund are expected in early 2019.
Rhiza Capital Inc.: Rhiza Capital is an impact investment group of companies. We build impact portfolios guided by the values of our investors, partners and community. Our investments are directed toward Canadian local and social ventures that have a demonstrable intention to generate a measurable, beneficial social or environmental impact alongside a financial return.
Rhiza was co-founded by Community Futures Sunshine Coast (CFSC), Sunshine Coast Credit Union (SCCU) and Powell River Community Investment Corporation (PRCIC). These partners are joining forces to construct investment products in order to open the door of impact investing to individuals, family offices, foundations and credit unions across Canada.
Chief Executive Officer
Rhiza Capital INC.