More support for the social economy Canada NewsWire
November 29, 2024
OTTAWA, ON, Nov. 29, 2024 /CNW/ – The Government of Canada is providing more than $100 million over the next five years to help the social economy sector grow and thrive. The funding was announced on Tuesday by Minister of Employment, Workforce Development and Disability Inclusion, Carla Qualtrough and will be used to provide financial support to social enterprises, as well as technical assistance and networking opportunities. The funding provided by ESDC will be available through existing programs, including the Social Enterprise Support Fund and the Local Economic Development Fund.
The social economy is a sector that is made up of businesses that use their profits to achieve social or environmental goals, rather than maximizing profits for shareholders, and includes organizations such as co-ops, credit unions, and non-profits. The sector has been growing in recent years, and now represents 10% of the Canadian economy and employs 1.4 million people.
“The social economy is a vital part of our economy and our communities,” said Qualtrough. “This funding will help social enterprises grow and thrive, and continue to make a positive impact on the lives of Canadians.”
The funding will be used to support social enterprises in a number of ways, including:
- Providing financial assistance to help social enterprises start up, grow, and innovate.
- Offering technical assistance to help social enterprises develop business plans, market their products and services, and access financing.
- Creating networking opportunities to help social enterprises connect with each other, share best practices, and learn from each other.
The funding announcement was welcomed by the Canadian Social Economy Alliance, which represents the social economy sector in Canada.
“This funding is a significant investment in the future of the social economy,” said François Bélisle, Executive Director of the Canadian Social Economy Alliance. “It will help social enterprises to scale up their operations, create jobs, and make a greater impact on their communities.”
The funding for the social economy is part of the Government of Canada’s commitment to building a more inclusive and sustainable economy. The government has also invested in other measures to support the social economy, such as the Social Innovation and Social Finance Strategy, and the Social Enterprise Investment Fund.
The social economy has a role to play in Canada’s economic recovery from COVID-19, as it has been identified as a key sector for job creation and sustainable growth. The funding announced on Tuesday will help the social economy sector to continue to grow and thrive, and make a positive impact on the lives of Canadians.
More support for the social economy
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