Co-operators Community Funds: Co-op Impact Program
FINANCING FOR A CHANGING ECONOMY
Helping the co-operative sector pivot, innovate and thrive in a new reality.
Co-operators Community Funds – Co-op Impact Program
Helping co-operatives as they adapt to meet emerging needs
Supporting new or existing projects that enable co-ops to thrive in the COVID-19 environment
Low-interest loans between $40,000 and $100,000 for small and medium-sized co-ops
Complementary to existing credit union and other financing sources
“Innovating products and services to best support their members, employees and communities during the uncertainty of a pandemic can be challenging, but securing capital to support innovation doesn’t have to be. We also believe that in times like these it is more important than ever for co-ops and their members to continue to support one another, which is why strengthening a vibrant co-operative movement in Canada as they adapt to emerging needs is crucial.”
Collette Robertson, Chairperson, Co-operators Community Funds Board of Directors
ELIGIBILITY
- Registered co-operative in Canada
- Small (1-99 employees) or medium (100-499 employees) sized
- Adapting an existing project or creating a new project as a result of COVID-19 or changing the co-operative business plan to address the impacts of COVID-19*
- Seeking a repayable loan between $40,000 and $100,000 at 3% interest rate
- Your co-operative and project are creating positive social, economic or environmental impacts
Note that loans cannot be used for core or operational expenses, repayment of existing financing or refinancing.
* Applicants will be asked to provide a plan for the new or adapted project or change in the co-operative business plan. This will be assessed for feasibility along with the impact and financial viability of the co-operative (see FAQs for more details).
APPLICATION PROCESS
Fill out this 5-minute self-assessment to determine if you should apply for financing
A member of the Community Forward Fund Assistance Corp will schedule a 1-on-1 discussion about your project, financing needs, options and potential next steps
If the Co-op Impact Program could be a good fit for your co-operative’s needs, you will be invited to fill out the Application Form and supporting documentation
Resources
5-minute Self-Assessment
Take this self-assessment to help determine whether your co-operative should consider applying.
Application Form
If you are interested to know what information applicants are required to provide as part of the application process, you can find the application form below.
We strongly encourage co-operatives to take the self-assessment and speak to a member of the Community Forward Fund Assistance Corp team first before filling out the application.
Program Launch Press Release
Read more about Co-operators Community Funds and the Co-op Impact Program here.
Co-op Impact Program FAQs
For-profit and non-profit co-operatives can all apply if they meet the eligibility criteria.
Yes, co-operatives in any sector can apply.
However, the Co-op Impact Program cannot provide financing to co-operatives engaged in and generating revenues from the manufacture, sales, distribution or other handling of alcohol, tobacco, non-medical marijuana, gambling or weapons.
The program will assess among other things the project plan, feasibility (including market demand and competition), project risk, the co-operative’s experience and capacity to deliver the project, financial viability of the co-operative, impact created and repayment potential.
Loans are intended to support new or existing project-based initiatives that are enabling co-operatives to pivot, innovate and thrive in the COVID-19 environment. Examples could include, but are not limited to:
- development of new products and services in response to the COVID-19 crisis
- expansion of an existing project or program supporting growth plans of the co-operative in response to emerging business needs created by the pandemic
- re-structure of or otherwise change to the co-operative business plan to address the impacts of COVID-19