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National study on community investment launched
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The Social Investment Organization and the Riverdale Community Development Corp. have launched a national community investment study to determine how socially responsible investment can help to develop local communities. The study is an ambitious national appraisal of local investment mechanisms, including community loan funds and other local investment vehicles used to provide development capital for low-income people or other disadvantaged groups. A number of loan funds operate across Canada at present, but they have not developed to the same extent as similar funds in the US. The aim of the study is to identify barriers to growth by this sector, and to conduct an analysis on the feasibility of a national association for community investment to improve the capability of the entire sector. The study is being sponsored by the SIO in partnership with the Riverdale Community Development Corp., a community development corporation in east-end Toronto that manages the $250,000 Access Riverdale Loan Fund.
Funding for the $60,000 study has been provided by the Ontario Trillium Foundation, the Community Economic Development Technical Assistance Program (CEDTAP), Industry Canada and VanCity Credit Union.“We know from our financial advisors that socially responsible investors want easily-accessible vehicles to channel their savings into their local communities,” said Eugene Ellmen, Executive Director of the SIO. “But lack of technical capability has hindered the development of this sector, and prevented it from becoming a real investment option. We’re hoping this study provides some innovative solutions to this problem.”
“Riverdale Community Development Corp. is pleased to participate in this study,” said Kevin Perkins, the corporation’s Executive Director. “We have been calling for some time for greater regional and national co-ordination of community investment options. This study will help to bring the entire community investment sector together.”
For more information, contact Susannah Cameron, Coordinator, National Community Investment Study, at 416-462-0496 ext. 29.
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