Affordable Housing & Social Enterprises To Get Boost From Community Financial Institution
June 10, 2011, Ottawa – Ottawa Community Loan Fund (OCLF) is proud to announce it will receive more than $200,000 over the next three years from United Way Ottawa to support the establishment of a capital pool that will be used to increase affordable housing, and to improve the lives of people living in Ottawa through investments in social enterprise.
“A growing number of enterprising charities, non-profits, co-operatives and social entrepreneurs are building businesses and turning to private investors for their financing. This support from United Way Ottawa will assist the OCLF in its evolution as Ottawa’s impact investment intermediary institution.”
OCLF, a not-for-profit organization that provides financing to community groups and individuals in Ottawa, will create a pool of capital that will be used in low-interest loans to social enterprises and community groups involved in the provision of affordable housing.
“OCLF is a leader in impact investment, a new way of managing money that delivers both benefits to society and financial return for funders and investors.” says George Brown, President of OCLF. “Impact Investment is the next phase of philanthropy,”
The Canadian Task Force on Social Finance, which included former prime minster, The Right Honourable Paul Martin, produced a paper titled Mobilizing Private Capital for Public Good, in December 2010, saying “social finance (Impact investment) offers an unprecedented opportunity for Canada’s charities, non-profits and social purpose businesses.”
United Way funding will assist OCLF in investing in local social enterprises, such as organizations helping people with intellectual and physical disabilities, charities working with new Canadians and not-for-profit groups with environmental goals, among many others.
OCLF is a not-for-profit organization, with a dedicated volunteer Board of Directors and Loan Review Committee. It was launched in July 2000 to fill a social financing gap in Ottawa. .
For more information, contact George Brown, President at 613-614-0539 or visit the website at http://oclf.org/