HRSDC Releases New Report - 'Harnessing the Power of Social Finance: Canadians Respond to the National Call for Concepts for Social Finance'
HRSDC has released a new report: 'Harnessing the Power of Social Finance: Canadians Respond to the National Call for Concepts for Social Finance'.
As part of broader efforts to research the potential of social finance to augment existing programs with new capital and new ideas, Diane Finley, Minister of Human Resources and Skills Development, asked Canadians to participate in the National Call for Concepts for Social Finance between November 2012 and January 2013. A Voluntary Advisory Council on Social Partnerships to the Minister, composed of Canadian social finance leaders in the not-for-profit and private sectors, provided advice on the development of the Call for Concepts consultation.
For the past 18 months, Human Resources and Skills Development Canada (HRSDC) has been testing ways to maximize the impact of federal spending to support community-level partnerships and elements of social finance and impact investing (see Annex A for details).
The 154 responses to the Call showed that there are many innovative and collaborative solutions being developed by citizens, businesses, charities and other groups to resolve a wide range of societal difficulties. Submissions featured social impact bonds, social investment funds and social enterprises, as well as ideas for structuring the flow of funds and suggestions for using social finance methods to scale up successful existing projects or introduce new services. Fifteen examples are profiled in detail, selected to illustrate the wide range of ideas submitted and social finance tools described in various parts of the country.
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