This week, the Credit Union Central of Canada awarded the National Credit Union Community Economic Development Award to Vancity for their Resilient Capital Program. Resilient Capital is dedicated to accelerating the growth of enterprises with proven business models that add to the social, economic and environmental well-being of their communities. To date, Resilient Capital has invested more than $4 million in eleven social enterprises focused on addressing social and environmental challenges, and building resilient communities.
Launched in 2011 in partnership between Vancity and the Vancouver Foundation, the Resilient Capital Program offers depositors the opportunity to make a guaranteed fixed return on their money while backing social enterprises with high growth potential. This successful program has attracted more than 20 institutional and individual depositors who collectively have contributed over $13.5 million in Resilient Capital Term Deposits, including a $3.5 million loan loss reserve provided by the two partners. Vancity was able to leverage its $1.75M investment to create this fund that is expected to reach $15M by summer, 2013.
The Resilient Capital Program offers:
- Equity investments and loans in highly impactful social enterprises;
- Funded by CUDIC insured term deposits offered by Vancity; and
- Secured by loan loss reserve (Vancity and Vancouver Foundation dollars)
To date, Resilient Capital has invested more than $3.5 million in over ten social enterprises focused on addressing social and environmental challenges and building more resilient communities. The number and diversity of community partnerships supported and spawned by the program is no less impressive.