Engaging Canadians to build a more, “innovative, inclusive, sustainable, and resilient society” is the mission of the J.W. McConnell Family Foundation, which was founded over 75 years ago. One of Canada’s first family foundations, McConnell contributes to the charitable sector in Canada through grants, and the development of Foundation initiatives including one on Social Finance. […]
Niagara Community Foundation, in partnership with Community Forward Fund, creates new fund to assist local charities through loans
“We are pleased to be joining a number of community foundations in Ontario as supporters of this investment vehicle in support of our vital voluntary sector,” said Rob Welch, a director on the board of the Niagara Community Foundation.
The partnership with CFF is the first step in the Community Foundation’s new Impact Investing strategy, which is designed to seek out investments that provide, not only a financial return, but also a social or environmental benefit. In this way, the CFO is working to do more with its endowment by leveraging its assets in new ways to have maximum community impact. Rather than choosing between having either a financial return or a social benefit, it is seeking investments that do both.
Through this partnership, The KWCF will provide loans and other financial services to charities and nonprofits. Recently The KWCF, along with the Lyle S. Hallman Foundation, conducted a survey to gauge interest in loans by nonprofits and charities in the region. The response was enthusiastic so they hosted an education workshop in October where several local nonprofits and charities learned about the opportunities this partnership provides through the provision of loans and financial coaching.
LSHF Executive Director Laura Manning states, “The Community Forward Fund’s focus on regional partners was an important element in our decision to get involved. We know that organizations in this area are innovative and entrepreneurial. They should have access to a full range of financing options in order to meet current and future challenges, and to able to achieve their goals. CFF offers not only loan services, but also financial coaching and a deep understanding of nonprofits. This made them an excellent fit for us.”
The first loan was issued to Hamilton Artists Inc., a long-standing artist-run centre that supports and reflects the diverse environment of the community. It means the group can complete a building project that will contribute significantly to downtown revitalization and a burgeoning arts scene.