Social Finance in the Budget

. Here’s the excerpt from the federal budget about social finance; it’s under chapter 3.5 Supporting families and communities.

Support for Social Finance

Economic Action Plan 2013 reinforces the need to help facilitate bringing partners together to tap the potential of the social finance marketplace.

In communities across the country, Canadians are finding innovative approaches to tackling local challenges by building partnerships across sectors and leveraging new ideas and sources of funding. In Budget 2011 and Economic Action Plan 2012, the Government highlighted the potential of social finance to strengthen government-community partnerships.

In November 2012, the Minister of Human Resources and Skills Development launched a pioneering, web-based public policy engagement process, the National Call for Concepts for Social Finance, to seek ideas from individual Canadians and not-for-profit and private sector organizations to help the Government identify new ways to address social and economic issues. The Call for Concepts issued a challenge to Canadians: propose solutions to complex social issues that are funded through social finance instruments. The response to the Call has exceeded expectations—over 150 submissions from across the country were received that address key priorities for Canada’s long-term prosperity, such as supporting youth at risk, reducing homelessness and improving employment outcomes for persons with disabilities.

The Government can help bring partners together to turn these ideas into action. The Minister of Human Resources and Skills Development will help facilitate this process and build on the Call for Concepts by bringing together key players in the non-profit and private sectors to develop investment-worthy ideas and tap the potential of the social finance marketplace to promote economic growth and prosperity.

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