The Honourable Steve Crocker, Minister of Industry, Energy and Technology announced $250,000 for Memorial University's Centre for Social Enterprise to launch Fairlead: Social Impact Fund - the first university-housed, student-managed impact investing fund in Canada.
Fairlead is an investing fund that will provide experiential learning opportunities for MUN students, while providing necessary funding to social purpose organizations (SPOs) in Newfoundland and Labrador, helping to scale their impact. In addition to financial support, social purpose organizations will benefit from wrap-around services, including investment readiness training, impact measurement programming, access to student placements, and mentorship opportunities.
Social purpose organizations include any organization that strives to achieve positive social impact. Social finance and impact investing have emerged as viable and necessary tools for social purpose organizations to diversify and stabilize their revenue generation, as they pursue financial sustainability. These organizations often have limited opportunities for funding beyond traditional grants and philanthropy. Social finance and impact investing offer alternative methods for funding that are more agile and easily deployed.
The Centre for Social Enterprise has played a pivotal role in advancing social innovation in Newfoundland and Labrador. Since 2020, the Centre has supported the development of more than 16 social enterprises and provided extensive student employment opportunities through programs such as the Social Ventures Incubator and the Work Experience in Social Enterprise initiative.
This initiative aligns with the Provincial Government's commitment to fostering innovation, supporting community development, and building a resilient and inclusive economy. The Regional Development Fund provides support to organizations for projects aimed at supporting economic development, innovation and capacity building in all regions of the province.
Quotes
"Newfoundlanders and Labradorians have a natural inclination toward community and place-oriented innovations. Fairlead: Social Impact Fund is an initiative that reflects that community spirit. By empowering students with real-world experience in impact investing and supporting social purpose organizations across the province, this project strengthens our social sector and builds a more resilient, inclusive economy for the future."
Honourable Steve Crocker, Minister of Industry, Energy and Technology
"This initiative gives students the rare opportunity to make real investment decisions that drive meaningful social change. Fairlead is where finance meets purpose, and where learning becomes leadership. We're proud to help equip our students with the tools they need to drive sustainable impact in the communities they care about."
Dr. Gillian Morrissey, Manager, Centre for Social Enterprise Memorial University of Newfoundland
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For more information
Prince Phillip Drive
St. John's Newfoundland
Canada A1B 4J6
www.gov.nl.ca
