To provide trends surrounding how for-profit social enterprises (including a focus on startups) have been affected by COVID-19.
This research will help with understanding how social enterprises are effected by COVID and the resulting economy.
Trend #1: Available Funding Options Due to the COVID-19 Pandemic
There has been an increase in funding for for-profit social enterprises during the COVID-19 pandemic. Since these social enterprises are geared towards helping communities and creating positive social impacts, there has been a need to keep financing them through the crisis, especially now that there are more people in need of their assistance.
The Kitchener Waterloo Community Foundation in Waterloo, Ontario is offering eligible for-profit foundations that are working to do more good in the region the opportunity to get non-repayable capital through the Investment Readiness Program. This is a national initiative that is led by Community Foundations of Canada, funded by the Government of Canada, and will provide $50 million across the country to grow social enterprises. The program is open to various organizations including for-profit social enterprises and can provide $10,000 to $50,000 in capital to measure, design, plan, and scale the organizations.
Several governments like the Canadian government have provided subsidies to social enterprises, including for-profit ones. The federal government's support for businesses during COVID-19 in Canada has extended to social enterprises.
The COVID Response Alliance for Social Entrepreneurs started an initiative featuring "Covidcap.com", which is a new resource that was developed by the Center for the Advancement of Social Entrepreneurship at Duke University. The dashboard is a searchable database for emergency funds that are available to for-profit entrepreneurs during COVID-19. It contains global capital relief worth more than $1 trillion.
In India, the Omidyar Network committed $1.4m towards initiatives that focus on the "next half billion". Through this funding, for-profit social enterprises can apply for grants for their projects.
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