Social finance

Current and Completed Projects:

Community Hypertension Prevention Initiative

The Heart and Stroke Foundation, the Public Health Agency of Canada (PHAC), and MaRS Centre for Impact Investing (MCII) have partnered to launch a community‐based intervention to prevent cardiovascular disease, using a social impact bond as a financing vehicle. This intervention builds off of an evidence-based program called CHAP, and integrates local community partnerships, best-in-class lifestyle management resources, coaching, and digital technology to support participants in engaging in and maintaining healthy behaviours. The intervention aims to increase awareness of the risks associated with high blood pressure and to modify participant behaviour (e.g., physical activity, weight loss, smoking cessation) among pre-hypertensive Canadians 60 years of age or older. As the external validator, SRDC will be responsible for confirming the extent to which specified outcomes have been achieved – specifically in terms of volume and blood pressure outcomes – and the extent to which the risk-based funding contracts should be paid out to partners and investors. To our knowledge, this project represents the first time social finance has been used to support a population health intervention in Canada.

Heart and Stroke notice

Government of Canada news release

thestar.com notice

National Post notice

 

Start date: December 2016
Sponsor: The Heart and Stroke Foundation

Feasibility Study of the Ontario Community Employment Loan Program

The BC Centre for Employment Excellence received a grant from the Vancouver Foundation to conduct a feasibility study of the Ontario Community Employment Loan Program (CELP). In 2006, Social Capital Partners introduced CELP, a social finance instrument, aimed at facilitating access to subordinated debt financing to the private sector – small business owners and franchisees – who agree to hire individuals with disadvantages in the labour market. The program was designed to achieve twin objectives: 1) borrowers received beneficial financing terms and free services from CELP to find pre-screened job candidates; and 2) job seekers supported by community agencies had opportunities for real employment. The Centre conducted the study in collaboration with Vancity Community Foundation and MSDSI Accessibility Secretariat to gain a better understanding of CELP that is currently underway in Ontario to support a discussion among the study partners to establish its potential for implementation in BC.

Start-end date: September 2016 - January 2017
Sponsor: Vancouver Foundation

The Role of Employment Social Enterprises in Supporting Transitioning Youth

The BC Centre for Employment Excellence and its partner, the Community Social Planning Council of Greater Victoria, are conducting a demonstration project to evaluate the role of Employment Social Enterprises (ESEs) in supporting the labour market transitions of youth facing barriers to developing their career potential. The project partners with local social entrepreneurs, employment service providers and employers to generate work placements in new or existing ESEs that focus on employing barriered youth, giving youth participants the opportunity to gain valuable work experience and skill development that is in line with local labour market opportunities. This project is designed to fill a gap in knowledge with regard to understanding the role that transitional placements in ESEs can play in improving employment outcomes for at-risk youth.

Start-end date: February 2016 - December 2017
Sponsor: British Columbia Ministry of Social Development and Social Innovation

Community Employment Loan Program Evaluation

Social Capital Partners has engaged SRDC to evaluate the impact and return on investment of the Ontario Community Loans Program (OCLP). The OCLP is a joint initiative between Social Capital Partners (a non-profit organization that develops innovative social finance solutions) and the Ministry of Economic Development, Employment and Infrastructure (MEDEI), in partnership with employment service providers and financial institutions. Through the OCLP, low-income jobseekers facing employment barriers are matched with job opportunities at small- and medium-sized employers (SMEs). SMEs who hire and retain jobseekers for at least six months pay reduced interest rates on their business loans through reimbursements provided by the Ontario government. SRDC is conducting an impact evaluation to examine the extent to which the OCLP leads to increased employer reach among employment service providers, improved employment outcomes for low-income jobseekers, and improved business outcomes for SMEs, as well as a cost-benefit analysis to assess the extent to which OCLP yields a net return for the Ontario government.

Start-end date: January 2016 - January 2017
Sponsor: Social Capital Partners

Applying social finance approaches to Aboriginal Labour Market Programs

ESDC Aboriginal Affairs Directorate held a one-day event for social finance experts and informed stakeholders to share knowledge and expertise in developing and implementing social finance approaches into pre-employment, skills development, and training to employment programs for Aboriginal people. SRDC contributed to the planning of the event, moderated panel and group discussions, delivered presentations on social finance approaches, and authored a report of the event.

Start-end date: July 2015 - September 2015
Sponsor: Employment and Social Development Canada

Evaluation of Social Finance Pilots

SRDC is conducting an evaluation of two pilot projects for Essential Skills training based on performance-based funding models. The Skilling UP pilot is led by Alberta Workforce Essential Skills, providing workplace essential skills training to lower-skilled workers in the manufacturing sector. Employers pay up-front for the training, and are reimbursed up to 50% of their investment if their workers achieve targeted skill gains. The second project is a social impact bond (SIB), in which private investors pay up-front for essential skills training for low-skilled unemployed persons, and are repaid their capital plus interest if participants achieve skill gains. Colleges and Institutes Canada is the intermediary for this Essential Skills Social Finance (ESSF) social impact bond, with three College delivery partners: Douglas College, Confederation College, and Sask Polytech. In addition to serving as proof-of-concept of the implementation of the two models, the pilot evaluations are measuring a range of outcomes of interest including skill gains, and indicators of employability and performance measurement.

Start-end date: January 2014 - December 2018
Sponsor: Employment and Social Development Canada

Social Partnerships Roundtable

Participation in an experts’ roundtable on the development and financing of the social economy.

Start-end date: November 2010 - November 2010
Sponsor: Human Resources and Skills Development Canada