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November 23, 2018

Future Cities Canada applauds Government of Canada’s new commitment to social innovation

Future Cities Canada is pleased to see the announcement of a new $755 million Social Finance Fund in the federal government’s Fall Economic Statement. The fund provides charities and non-profit organizations access to new financing from non-government investors to implement their innovative ideas. The unique fund aims to further social and environmental policy while providing financial returns for investors.

The Fund was one of the key recommendations of the Inclusive innovation: New ideas and new partnerships for stronger communities report released earlier this year by the Social Innovation and Social Finance Strategy Co-Creation Steering Group.

“The Social Finance Fund could improve social and environmental outcomes for communities and individuals nationally,” said Stephen Huddart, President and CEO, McConnell Foundation. “We are delighted that the relationship between government and the charitable sector has moved into a new and exciting productive phase, in which each side plays its part in driving inclusive growth.”

"As one of the lead organizations of the Future Cities Civic Capital Lab, we are excited to see this announcement. The Social Finance Fund will be an import fuel for urban social finance and capital innovation. The Civic Capital Lab is being designed to accelerate the transition to low-carbon and more equitable cities within Canada and globally,” said Sara Lyons of Community Foundations of Canada.

McConnell Foundation and Community Foundations of Canada are Founding Partners of Future Cities Canada. Launched in May 2018, Future Cities Canada is a national cross-sector initiative with the mission to accelerate innovation to transform cities for the benefit of all. Led by Founding Partners - the McConnell Foundation, TD Bank Group, Evergreen, Maison de l'innovation sociale and Community Foundations of Canada - and with a growing network of partners,   Future Cities Canada collectively strives to address the challenges facing cities and city-dwellers to reimagine cities that are equitable, regenerative and prosperous.