The Toronto Enterprise Fund (TEF), a unique funding partnership of United Way Toronto & York Region, the City of Toronto, the Ontario Ministry of Community & Social Services, and the Homelessness Partnering Strategy, has added a new fund to its program of supports for social enterprises in the city.
The Mixed Capital Opportunities Fund (Mixed Cap) will support the expansion of early stage, high growth non-profit social enterprises by providing a hybrid form of capital, comprised of a combined loan (50%) and grant (50%). This innovative collaboration between TEF and Alterna Savings will make debt financing more accessible to social enterprises. Mixed Cap is funded by the Province of Ontario and United Way Toronto (through a gift from the Polar Foundation), with all loan financing coming from Alterna Savings.
Are you an established Social Enterprise with a new business opportunity or plans for expansion?
TEF has a great financing option to fund your idea. The Mixed Cap aims to support Social Enterprises that are using innovative approaches to address social, environmental, economic or cultural changes.
- Enterprises will be able to apply for between $10,000 and $30,000 in total investment (split equally between a loan and a grant).
- In exceptional cases, up to $50,000 may be approved; security/collateral may be required in these instances.
- The loan portion will be in the form of Term Loans and or Lines of Credit (LOC must be secured) and competitive interest rates will be set according to Alterna’s lending policies.
- The identification of a solid business opportunity. If the ask is for staffing up, stocking up or purchasing capital equipment, then it has to be directly related to the business opportunity.
- Be owned and operated by incorporated non-profit organizations.
- Located and operating in the Greater Toronto-Hamilton area.
- Demonstrate job creation potential, particularly for minorities & disadvantaged groups.
- Attend a training/information workshop. The workshops are mandatory and they will be held once every two months. See below for upcoming dates and link to registration.
- Read through the checklist and submit all necessary documents. A complete application should include:
- Mixed Capital Opportunities fund application form (please attach as the first 2 pages of your business plan)
- Business plan
- Alterna business loan application
- Board resolution letter
- Consent form
- 24 month cash flow
- Other Documents (refer to checklist)
- A review committee will first approve the application and it will then proceed through Alterna’s standard loan approval process.
- Once an application is submitted, the final decision will be given in 4 weeks from the due date (assuming all necessary documents are provided and no further clarifications are required from the applicant)
Application due dates are quarterly; the next one will be in November/December. Please check back soon for the exact date.
- Tuesday, November 15, 2016, 4:00-6:00 pm at 26 Wellington Street East, Toronto.
- Tuesday, January 17, 2017, 2:00-4:00 pm location tbd, likely outside the downtown core
For further information, please contact Alexis at alexis at kanespeer.com.
SOURCE: Toronto Enterprise Fund