While attending the most recent Innovation Exchange meetup in Calgary we learned from Tim Richter, CEO of the Calgary Homeless Foundation (CHF), that the ATB Social Enterprise Incubator referenced in the press release included below will be working on a Social Impact Bond for Alberta.
Follow link to the original press release through Canada News Wire: http://www.newswire.ca/en/story/953291/calgary-homeless-foundation-and-atb-financial-join-forces
Calgary Homeless Foundation and ATB Financial join forces
CALGARY, April 11, 2012 /CNW/ – ATB Financial is teaming up with the Calgary Homeless Foundation (CHF) in its mission to end homelessness in Calgary through a three-year program called the ATB Social Enterprise Incubator.
The ATB Social Enterprise Incubator will be charged with building investor-ready businesses and investment vehicles designed to support ending homelessness in Calgary. The incubator will focus on three main areas:
- Innovative funding models – Create new ways for individuals, investment funds, foundations and government to invest and earn money while contributing to social good. These investments could be in the form of special bonds or GICs.
- Social enterprise – Help homeless serving organizations build businesses that generate revenue in support of their missions.
- Transformation of assets – Develop methods for donors to donate or invest land, businesses or buildings to a cause rather than traditional cash donations. The ATB Social Enterprise Incubator will help put these assets to good use.
“We’re thrilled to have formed this partnership with ATB Financial,” said CHF President and CEO Tim Richter. “Ending homelessness is a community effort and we can’t rely solely on government or philanthropic funding to make it happen.
“The ATB Social Enterprise Incubator gives us the opportunity to explore and implement market-based instruments and sources of revenue to ensure the long-term sustainability of our work.”
“Just like the Calgary Homeless Foundation, ATB Financial is committed to help end homelessness, not only in Calgary but throughout Alberta,” added Peggy Garritty, ATB’s Senior Vice-President, Communications and Corporate Responsibility. “We are looking forward to exploring new and innovative ways to address homelessness that we can share with other communities across Canada.”
The City of Calgary is four years into its 10-Year Plan to End Homelessness. In January the CHF completed a point in time count of homeless persons showing that homelessness in Calgary decreased for the first time in 20 years