TORONTO – Eleven organizations in Ontario will divvy up $4 million in funding from the province to help start “social enterprises.”
The government says social enterprises are ventures that use business strategies to drive social, environmental and economic change.
The successful applicants for a share of the $4-million fund include Ryerson University, the Ottawa Community Loan Fund and the Centre for Social Innovation.
Those intermediary organizations will then in turn provide money through grants, loans, equity investments, royalties or other financial tools to early-stage social enterprises.
Premier Kathleen Wynne says the money will help more social entrepreneurs start and grow their businesses and it’s hoped the government funding will leverage another $6 million from other sources, including the private sector.
Wynne says she sees the government’s role as being a catalyst and a facilitator.