Through Co-operators Community Funds, Canadian ICMIF member The Co-operators is reinforcing ongoing cooperative sector support by making CAD 1 million in patient capital available through its newly launched Co-op Impact Program. The focus of the Program is to support small and medium-sized cooperatives as they adapt in a shifting economic landscape in the wake of the COVID-19 pandemic.
"Innovating products and services to best support their members, employees and communities during the uncertainty of a pandemic can be challenging, but securing capital to support innovation doesn't have to be," says Collette Robertson, Chairperson – Board of Directors, Co-operators Community Funds. "We also believe that in times like these it is more important than ever for co-ops and their members to continue to support one another, which is why strengthening a vibrant cooperative movement in Canada as they adapt to emerging needs is crucial."
The CAD 1 million Co-op Impact Program is made available through Co-operators Community Funds (CCF), and furthers efforts to invest 10 per cent of its investment portfolio into community impact investments, which generate a financial rate of return while contributing to social and environmental benefits. Through the Co-op Impact Program, patient capital, in the form of low interest loans between CAD 40,000 to CAD 100,000 will be made available to individual cooperatives whose new or existing project-based initiatives are supporting their efforts to thrive in the COVID-19 environment.
Canadian cooperatives can complete a 5-minute self-assessment to find out if they are eligible to participate in the Co-op Impact Program. Learn more about the Co-op Impact Program.
This announcement is part of The Co-operators broader efforts to support Canadian cooperatives and communities as they face the various, ongoing impacts of the pandemic. These include:
- CAD 200,000 COVID-19 Co-operative Assistance Fund
- CAD 200,000 for United Way COVID-19 Relief
- CAD 220,000 in support of youth mental health during the pandemic