The Edmonton Community Foundation (ECF), in partnership with the City of Edmonton, United Way, and other private donors, launched the Social Enterprise Fund, which provides financing for social enterprises and affordable housing. The city committed $2.5 million, which ECF agreed to match over three years. Preparing nonprofits to develop their own enterprises, the foundation offers a Path to Loan grant program, which subsidizes feasibility studies and business plan development. Since its inception in 2008, the fund has loaned $13 million to more than 30 organizations. In 2013, the foundation created the Alberta Social Enterprise Venture Fund, wholly owned by ECF. It is structured as a limited partnership, and permits the Social Enterprise Fund to invest in any corporate structure, not only nonprofits. To date ECF has invested $10 million. The board has committed to investing 10 percent of the foundation’s assets, in keeping with a challenge to foundations by the Canadian Task Force on Social Finance, which asked foundations to invest at least 10 percent of assets in mission investments by 2020.
Edmonton Community Foundation
POINT (-116.5765035 53.9332706)