< PreviousCAPITAL AS A FORCE FOR GOOD 20 MAKE THE WORLD BETTER MAGAZINEFACTS 1 InBC Investment Corp. 2 The City of Vancouver InBC is a strategic investment fund with $ 500 million to invest in building a more sustainable, inclusive, and prosperous future for British Columbia, following a people, planet, and profit approach. 1 Between 2012 and 2018, the City of Vancouver has dedicated approximately to over 1,000 projects $ 2.75 million through the Greenest City Grants program. 2 FEB 2023 • ISSUE 04 21Tell us about your organization's mission. 10C Shared Space (10C) is a non-profi t social change hub for those engaged in collaborative work to improve the wellbeing and vitality of our urban-ru- ral community, which extends from Guelph and Wellington County across Southern Ontario. Th e 10C team helps create platforms (physical, virtual, networks, and fi - nancial) that support those working to create change, providing conditions for community members, practitioners, and researchers to explore ideas; create, test, and sustain new initiatives; and make discoveries. With this work, we aim to shift attitudes and behaviours and strengthen community resilience. Harvest Impact is one of 10C’s social fi nance off erings designed to support the growth and development of a strong and equitable circular food economy by investing in sustainability-driven entre- preneurs. To achieve a successful circular food network, Harvest Impact aims to spark circular food economy initiatives, off er mentorship, network connecting, impact measurement, project funding, and fi nancing. Th e Harvest Impact Fund provides agricultural, food, and environmental startups with small business lending from $2,500 to $50,000, while off ering direct, impactful investment opportuni- ties to local investors, allowing them to secure a more equitable and sustainable food system in their own backyard. When combined, Harvest Impact and 10C off er emerging circular food econ- omy enterprises ways to incubate, test, develop, and fi nance new businesses and products in the food, farm, and environ- ment sectors. What inspired you and your co-founders to start your organization? 10C was founded in 2008 with a goal to “create space for change.” Back then, we saw that it was challenging for groups, individuals, and organizations to come together to collaborate. Th e founders also saw that core infrastructure such as spaces, places, content, networks, and access to funding and fi nancing could be best shared across multiple organizations. 10C’s core themes of authenticity, risk-taking, innovation, collaboration, reciprocity, and connection naturally extend to Harvest Impact, which is de- signed to provide new community-based social fi nancing opportunities. Harvest Impact was originally seeded by Our Food Future in 2018–19 as a result of Guelph-Wellington’s successful Smart Cities Challenge, and is funded by HARVEST IMPACT SOCIAL FINANCE TO CREATE A CIRCULAR FOOD FUTURE Food is not only central to many of our lives, but when paired with innovative and equitable approaches to finance, it can drive social, environmental, and economic change. Harvest Impact, a social finance offering of 10C Shared Space, was launched to nourish circular economy initiatives and build a truly equitable, community-driven circular food network. We spoke with Julia Grady, Executive Director, about how this Canadian fund is investing with impact, providing support to entrepreneurs, and demonstrating what’s possible when smart communities invest in themselves. 22 MAKE THE WORLD BETTER MAGAZINEthe Government of Canada. As a fl agship project of this wider initiative, Harvest Impact was launched in 2019, with a goal to develop fi nancial processes to invest in local enterprises, and demonstrate the opportu- nities, innovation, and more sustainable food futures that are possible when smart communi- ties invest in themselves. What were some of the challenges the founders encountered? Our core challenge can best be summed up as “building the airplane while in the air.” Creating Harvest Impact has been time and labour intensive, with simultaneous learning and ecosystem building. To date, we have created robust infrastructure to provide outreach as well as project and investor intake. Th is includes building processes within the Harvest Impact team to support and review project applications, conduct fi nancial due diligence, and manage investees through- out a fi nancing cycle. We are essentially creating a communi- ty lending institution, and while doing so, are mindful of not simply replicating processes that create barriers to participation. What do you consider your organization's biggest success? Harvest Impact builds upon 10C’s experience of providing investment opportunities that deliver a social impact with a fi nancial return. A community bond fi - nancing model enabled 10C, as a grassroots non-profi t, to purchase and redevelop a land- mark property. Th rough its real estate-backed community bond campaign, 10C has raised and maintained $2.3 million in social fi nancing. In addition to a vari- ety of social and environmental benefi ts, the 10C Community Bond Series delivers predictable and consistent fi nancial returns of 2.5–4.5% to its 140+ investors. What makes your organization unique? As a living lab for social change, 10C provides the conditions for community members, Th e Conscious Kitchen is a female-owned and -operated meal delivery service sourcing imperfect produce from local farms that is diffi cult to sell and would otherwise go to waste. FEB 2023 • ISSUE 04 23practitioners, and researchers, working in collaboration, to explore ideas, create, test, and sustain new initiatives, while making discoveries. Th is work will shift attitudes and behaviours and strengthen community resilience. Interrelated programming within 10C, such as Nourish, a shared commercial kitchen and incubation facility, as well as our role as the long-term operator of the Guelph Farmers’ Market, which serves 100+ local food and arts vendors year-round, illustrate the opportunities for us to weave together food, entrepre- neurship, and access to fi nancing. Within this ecosystem, Harvest Impact places special emphasis on supporting entrepreneurs (including non-profi ts) that experience barriers or may not be considered creditworthy by mainstream fi nancial institutions. When combined, Harvest Impact and 10C off er emerging circular food econ- omy enterprises ways to incubate, test, develop, and fi nance new businesses and products in the food, farm, and environ- ment sectors. How do you feel your organization makes the world better? As a social fi nance fund, Harvest Impact works directly with entrepreneurs, learn- ing about their projects and working to fi nd the right solutions for their fi nanc- ing needs. Th e Harvest Impact team can extend support throughout the lifecycle of the business, which includes anything from mentorship to helping businesses identify the best ways to bring an idea to fruition, testing and evaluating proto- types, making the right connections with well-suited collaborative partners, sup- porting external promotion and network connections, and more. Within 10C, we also provide value by helping companies measure their social impact in accordance with the UN’s Sustainable Development Goals. Building impact measurement capacity off ers credibility for our investees and provides value to prospective investors, who are looking for impactful social and environmental fi nancial opportunities. How can capital be used as a force for positive change? Access to capital is key for small busi- nesses, social enterprises, and non-prof- its. We frequently hear good entre- preneurs refl ect on the challenges and discomforts of applying for fi nancing in the mainstream fi nancial system to grow their enterprises. Harvest Impact off ers a compel- ling example of capital being used to decrease barriers and provide place- based community-supported solutions to early-stage fi nancing. To date, in our fi rst year of lending, Harvest Impact has made 12 loans valued at $115,000, with plans to increase this by 3x in the next year. As the Infrastructure Lead to the na- tionally-oriented Circular Opportunities Innovation Launchpad (COIL), Harvest Impact has also directed over $1.2 million in grant funds to organizations, off ering a blend of funding and fi nanc- ing. Th e Harvest Impact team has also led and contributed to over $7 million in successful external funding applications Top: Th e concept for this delicious bread is rooted in the principles of the circular food economy. Th is healthy and nutritious local food product reduces waste and reimagines how ingredients can be used, particularly with the use of spent grain, a key ingredient from Fixed Gear Brewing Company in Guelph. Right: Harvest Impact is delighted to support holistic nutritionist Beck’s Broth to scale a healthy cacao and pasture-fed beef bone broth product in returnable glass jars. From start to fi nish, this product embraces the principles of a circular food economy. 24 MAKE THE WORLD BETTER MAGAZINEEat Local Grey Bruce intends to turn their loan into of community bond investment – allowing all members of the co-operative and region to invest in Eat Local’s next stage of growth Jill and Nathan Smith own a regenerative family farm producing high-quality artisanal products using farming methods in sync with Mother Nature in Rockwood Ontario The SEED is working to build good food into the healthcare system via innovative community food programs They are focused on systems change rethinking the status quo for govern- ment food policies and our society’s expectations around purchasing groceries on a sliding scale with ecosystems, local non-profi ts, charities, and unincorporated Indigenous collaborators. Th is work is knitting stronger networks and creating social and environmental change. Tell us about your organization's goals. A robust circular food economy can’t exist without the ideas of innovative investees, and we connect daily with change-mak- ing individuals, entrepreneurs, and busi- nesses. Our collective team has engaged more than 150 food businesses in Guelph- Wellington and southern Ontario that are working on circular food economy solutions – and we believe that’s just the tip of the iceberg. Harvest Impact will create a steady stream of circular food businesses through consistent outreach, education, and engagement, linking applicants to both granting and lending streams. We are excited about opportunities to collaborate with established and emerging social fi nance intermediaries in Ontario and beyond, to explore syndication on larger loans, opportunities for convertible debt, and the potential for granting as part of its core off erings. Are there any upcoming initiatives or projects you'd like to share? Currently, Harvest Impact is undertak- ing a capital demand survey to identify tangible local demand for various types of capital and other supports. While engaging our client base, we will create new social impact investment prod- ucts that are available to accredited and non-accredited investors alike, who want their investments to support a sustainable and resilient local food system. Harvest Impact has current capacity to fi nance new projects and will increase its community lending across the next year, with intake and enterprise engagement already underway. In 2023, 10C will launch Harvest Impact Community Bonds with a target of raising $2.5 million to be used as loan capital for Harvest Impact investee com- panies. Th ese funds will provide equitable access to capital for a growing network of food, farm, and environment sector en- terprises (including non-profi ts and social enterprises) who are building Southern Ontario’s circular food economy. What do you most want people to know about your organization? Harvest Impact Fund provides agricultur- al, food, and environmental innovators with social lending, while off ering direct, impactful investment opportunities to local investors. By off ering sustainability-driven food entrepreneurs fi nancing, funding, learning, mentorship, impact measure- ment, and network support, we aim to help circular food companies emerge and fl ourish. How can people help or contribute to your organization's mission? If you’re an individual, entrepreneur, or business with a circular food economy idea, we’d love to hear from you! If you’re an individual, business, or foundation looking to place social purpose capital to enhance community, Harvest Impact could be the opportunity you’ve been looking for! Learn more about Harvest Impact at www.harvestimpact.ca. Harvest Impact offers a compelling example of capital being used to decrease barriers and provide place-based community-supported solutions to early-stage financing To date in our first year of lending Harvest Impact has made loans valued at with plans to increase this by x in the next year harvestimpact.ca twitter.com/HarvestImpactGW linkedin.com/company/ harvest-impact-by-10c instagram.com/harvestimpactgw FEB 2023 • ISSUE 04 25Tell us about your organization's mission. Coast Capital is a fi nancial co-operative with a mission to improve the fi nancial potential of every person, partner, and community we impact. A proud Certifi ed B Corporation, we’re guided by our social purpose of building better futures together. We look at everything we do through the lens of how we can help our 600,000 members, our employees, and communities. We believe every Canadian deserves a fi nancial partner who cares how things turn out. With our 80-year legacy of unlocking fi nancial opportunities, we provide trusted and personalized advice, along with a broad suite of banking products and fi nancial services that enable our members to save, spend, and invest with confi dence at every stage in life. What inspired your founders to start your organization? Coast Capital has long been committed to championing people. Our roots stretch back to the mid-20th century, with the founding of one of BC’s earliest fi nancial co-operatives. Our leg- acy organizations were created in the wake of the Great Depression, at a time when banks weren’t accessible and securing a loan was diffi cult. Today, we continue to see that not every person has the same op- portunity to thrive. Canadians are working harder than ever to get ahead, yet they’re facing record debt levels, income instability, and struggling to access what they need to thrive. Leveraging our roots, core values, and expertise, and driven by our social purpose, we’re determined to be a cata- lyst for the kind of meaningful change that uplifts our members, employees, and communities. COAST CAPITAL SAVINGS UNLOCKING FINANCIAL OPPORTUNITIES TO CATALYZE POSITIVE IMPACT We all aspire to lead better lives, yet financial insecurity feels like a bigger threat than ever to achieving that goal. Coast Capital Savings, a BC-based financial co-operative with social purpose at the heart of everything they do, aims to deliver financial services to its members so that they can live the real life they want. We spoke with Erin McKinley, Senior Manager, Public Relations, about how Coast Capital connects communities with the capital and partnerships they need to thrive and seeks to lead by example when it comes to aligning purpose with business practice. 26 MAKE THE WORLD BETTER MAGAZINEFEB 2023 • ISSUE 04 27At Coast Capital partnering for social purpose impact includes Partnering with other leaders in the global movement to build inclusive equitable and regenerative economies Annually reinvesting of our budgeted bottom line back into the communities where we work live and serve in support of building better futures for all Canadians These investments are focused on partnerships with community service providers to develop programs and services that address barriers to equitable access to education employment and fi nancial advice Our commitment to Equity Diversity and Inclusion as set out in our fi ve-year strategy that outlines our sustained proactive and urgent steps to advance fi nancial inclusion and social justice Our Net-Zero Banking Alliance commitment As a member of this global industry-led initiative we are accelerating efforts to address climate change and achieve net- zero emissions by Leveraging our roots core values and expertise and driven by our social purpose we’re determined to be a catalyst for the kind of meaningful change that uplifts our members employees and communities What were some of the challenges your founders encountered? Concerned about the uncertain fi nancial future following the Great Depression, when money was hard to come by, groups of credit union pioneers on British Columbia’s Vancouver Island, neighbouring Gulf Islands, and the Greater Vancouver cities of Richmond and Surrey formed small fi nancial co-ops focused on helping their neighbours and col- leagues obtain the fi nancial assistance they required to better their lives. Th ese legacy credit unions, which would later contribute their DNA to Coast Capital, were eclectic groups of everyday citizens – farmers, fi shers, meat packers, military and factory workers, telephone and civic employees, parish congregations, and white-collar professionals – all working to get ahead. Determined to make positive change, these groups found inno- vative ways to pool their resources and provided their members with much-needed fi nancial help. What do you consider your organization's biggest success? At Coast Capital, the success of our members, employees, and communi- ties is our success. As Canada’s largest federal fi nancial co-operative, we have a legacy of unlocking fi nancial opportunities, providing trusted and personalized advice and a broad suite of innovative banking products and fi nancial services that enable our members to save, spend, and invest with confi dence. By embracing a social purpose business model, we’re setting the standard for making positive social contributions. We integrate our purpose of building better futures for Canadians into our day-to-day opera- tions and across every dimension of our business. We are also consistently working to meet broad ESG-related goals, which align with and are guided by our social purpose. Continuing to meet these goals has contrib- uted to our status as a Certifi ed B Corporation – a global movement advocating for a more inclusive, equitable, and regenerative economic system – since 2018. As a part of these goals, we invest 10% of our bottom line into our communities each year – totalling almost $90 million over the past two decades. We’re also deeply committed to the success of our employees and making our fi nancial co-operative a great place to work. Coast Capital is a platinum member of Canada’s Best Managed Companies, one of Canada’s Most Admired Corporate Cultures, and a BC Top Employer. What makes your organization unique? As a federal fi nancial co-operative, all Coast Capital members are owners. Th e success of our members is our top priority. We believe that creating a better life for yourself shouldn’t be a dream. A better home, your own business, a little cash left over each month – these are all things that should be within reach. At Coast Capital, we’re helping our members with their real goals and challenges so they can live the real life they want. If it matters to you, it matters to us, because we care how things turn out. How do you feel your organization makes the world better? Our society faces big challenges that require big solutions and we know that achieving real and lasting change cannot be done alone. Th rough partnering for social purpose impact, we believe that we are achieving real, lasting change together. 28 MAKE THE WORLD BETTER MAGAZINEIn order to advance our work we are focused on three pillars Build and champion more equitable and inclusive employment Support Canadians with more equitable access to education and training Deliver fi nancial tools education and advice for all You can read more about the work we are doing by visiting coastcapitalsavingscom/ about-us/social-purpose Are there any upcoming initiatives or projects you'd like to share? We are particularly excited about and proud of our partnership with BC- based community resource society, DIVERSEcity, that helps newcomers and diverse communities as they settle in Canada. Coast Capital and DIVERSEcity have partnered to bring to life a program that supports skilled newcomer women as they navigate the credentialing and recertifi cation process which is key to their settle- ment journey and to driving their earning potential. It is a powerful example of the impact that comes with partnerships. What do you most want people to know about your organization? Research indicates that growing in- come inequality in Canada negatively aff ects individuals, families, society, and the economy. By embracing a social purpose business model, we’re focusing on building meaningful solutions and using our products, people, partnerships, supply chains, capital, and infl uence to accelerate positive impacts for our members, employees, and communities. How can people help or contribute to your organization's mission? One way that each of us can con- tribute to building a better future is to give back to our communities – whether that be helping a neighbour, volunteering with a local community organization, or donating to a cause you care about. You can also lean into your values through the businesses you support by “voting with your dollar” – spend- ing your money on products and brands whose practices align with your values, which extends to where you save, invest, and grow your mon- ey. Credit unions, like Coast Capital, are owned by their members and are, in many ways, the original social pur- pose businesses, founded on values and established to meet the needs of their members and communities. How can capital be used as a force for positive change? Social purpose businesses leverage all facets of their business as a force for change, including mobilizing capital across the business in ways that help advance their purpose and the impact they want to create. Everything from selecting partners and suppliers that are values-aligned to investing in tech- nology and innovation helps to drive positive outputs for all stakeholders. We strongly believe that capital can, and should, be used to propel partnerships that drive real, tangible change in our communities. Social purpose is a collaborative practice that requires organizations to come together, work together, and share openly. No organization can solve society’s biggest issues independently and partnership is key to moving the needle on solutions. Tell us about your organization's goals. We are currently working to execute our fi ve-year strategic Social Purpose Impact Plan. Th e plan outlines how each part of our business will work to achieve our vision and drive our shared social purpose. coastcapitalsavings.com facebook.com/coastcapitalsavings twitter.com/Coast_Capital instagram.com/coast_capital linkedin.com/company/ coast-capital-savings youtube.com/user/CoastCapitalSavings FEB 2023 • ISSUE 04 29Next >