According to CCINC, a conservative demand by community investment organizations surveyed in the study is $750 million over two years. Growth opportunities that were identified included; business succession; social enterprise, including buyouts and conversion to co-operatives; housing development; and community owned energy. Early results from a financing demand study in Atlantic Canada by the Social Economy Research Network suggest the average social enterprise requires a minimum of $500,000 for expansion of programs and services including investing in housing.

Some of the common barriers faced by community investment organizations to finance projects include; lack of operational resources to enable deal flows; the need for training and capacity by project proponents; and rising costs of construction making it tougher and tougher to build affordable housing.

It is clear that community investment is growing in Canada and that there is continued demand for financing. How will we ensure its growth?

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There are five priority neighbourhoods in Saint John, NB where the poverty rates are 30% to 50% and the home ownership rates are less than 2%. A consortium of non-profit organizations called ONE Home decided to address the issue by piloting a home ownership project consisting of three semi-detached units. The Saint John Community Loan Fund extended a three year loan of $35,000 to the $400,000 project which leveraged a conventional mortgage from the local credit union. The housing is built and future home owners are moving in.

We have all heard such phrases as “giving credit where credit is due” and “banking the unbankable.” Community investment works in that space. The Canadian Community Investment Network Co-operative defines community investment as “financing and technical assistance that targets the underserved; including individuals, communities and community (or social) enterprises.” In reality, the line between community investment, social finance and impact investing is blurry. All describe financing whose intention is to develop opportunities and improve conditions for individuals and their communities. It might be focused on income generation, community renewal, affordable housing, or environmental sustainability.

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Over $1.4 billion in assets managed by the community investment sector in Canada!

This is just one tidbit found in the recently published; Building Local Assets: Community Investment in Canada, 2008.

The report is built on a survey the Canadian Community Investment Network Co-operative conducted this past fall and winter. Over 487 diverse community investment organizations are accounted for in the survey including credit unions, community loan funds, community development investment pools, and more. Besides numbers, there are also profiles of organizations and community investment deals. It is the most up to date information on community investment in Canada.

Download the entire report here

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