Ontario Providing Opportunities for Social Enterprises
Province Supports Business Strategies That Generate Social Impact
Ontario is supporting growth in the social enterprise sector to create jobs and strengthen the economy.
Over the last year, the province has supported the growth of social enterprises through:
- Ontario's Social Enterprise Strategy - to help social enterprises grow their businesses, enter new markets and address complex social and environmental challenges.
- The Social Enterprise Demonstration Fund - a $5.6 million investment to help 11 not-for-profit organizations support social enterprises access the capital and business supports needed to grow, create jobs and strengthen the economy.
- The Procurement and Investment Readiness Fund - a $6 million investment over three years to help social enterprises become procurement and investment ready.
- ONE Social Enterprise Partnerships - $2 million in continued support to help social enterprises access business supports through the Ontario Network of Entrepreneurs.
Ontario's plan to create fairness and opportunity during this period of rapid economic change includes free prescription drugs for everyone under 25, and 65 or over, through the biggest expansion of medicare in a generation, free tuition for hundreds of thousands of students, a higher minimum wage and better working conditions, and free preschool child care from 2 ½ to kindergarten.
- Ontario is investing $13.6 million to advance social enterprise and social finance initiatives throughout the province.
- Social enterprises use business strategies to drive social, environmental and economic change. These enterprises intend to create a positive outcome while generating revenues from the sale of goods and services — as their business grows, their social impact grows.
- Ontario is also investing in tools and resources that support social enterprises to measure their impact. This will help them attract investor, government and community support. The project is in partnership with Carleton University.
- There are an estimated 10,000 social enterprises in Ontario. They generate an average of $1.2 million in revenues, including almost $1 million in sales, and each generate an average of 38 jobs.
- An estimated 45 per cent of the world’s social entrepreneurs are women — a smaller gender gap compared to conventional entrepreneurial activity.
“We want Ontario to be the leading centre for social enterprise in North America and we’re looking to provide these important organizations with the tools they need to grow. When we foster an environment where social enterprises can thrive, we are taking steps toward making our world a better place.”
Steven Del Duca
“Ontario’s social enterprises are redefining business by creating innovative solutions to social challenges. That’s why our province is committed to supporting the sector, helping organizations make an even greater impact on our communities while accelerating the growth of Ontario’s economy.”