BCIC-New Ventures sponsor Vancity, along with Vancouver Foundation, announced today the launch of the Resilient Capital Program.

Included in the program is a new product for depositors who want to make a guaranteed fixed return on their money while backing social enterprises that are making a positive impact in the community. The program – a collaboration between philanthropy, the financial sector and government – started with a grant from the Province of British Columbia to Vancouver Foundation to invest in social enterprises.

The Resilient Capital Program is a unique, high-impact investment program that will help build resilient communities by making up to $15 million of patient capital available for qualifying social enterprises.

Tamara Vrooman, president and CEO of Vancity, says this new deposit product gives depositors a simple and attractive way to fund high-impact social enterprises without a high level of risk, and it provides much needed equity capital and loans with flexible repayment terms to the social enterprise sector. “This type of program is exactly what the Canadian Task Force on Social Finance recommended in its report,” says Vrooman. “As a locally based and owned financial cooperative, Vancity and its community partners have a unique opportunity to act as a catalyst to mobilize capital for social finance.”

In developing the Resilient Capital Program, Vancity and Vancouver Foundation each provided $1.75 million in first-loss revenues. This $3.5 million commitment has already been leveraged to attract an additional $6.85 million by way of Resilient Capital Term Deposits, long-term Vancity deposits made by 12 individuals and organizations:

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