Capital One Canada and Enterprising Non-Profits partner to support youth
TORONTO, Sept. 13, 2011 /CNW/ - Today, Enterprising Non-Profits (enp)
and Capital One Canada announced an innovative new program designed to
provide Canadian youth and non-profits servicing youth access to funds
to build and sustain social enterprises. The new Capital One Youth
Entrepreneurship Fund will be available starting Fall 2011 and will aim
to build stronger communities by empowering the non-profit sector with
the resources and coaching they need to build sustainable funding
The Capital One Youth Entrepreneurship Fund will be available in four
major Canadian cities (Toronto, Calgary, Vancouver and Montreal) and
will provide grants to support the development of revenue-generating
enterprises, enhance their programs or services, or as a way to
stabilize and diversify a charity's funding base. This program will be
focused on enabling youth and organizations servicing youth to conduct
planning activities to develop or grow a social business venture.
"Building the capacity to create revenue-generating social businesses
has the dual benefit of stabilizing funding for the nonprofit sector,
while also providing valuable social services that will benefit the
next generation of Canadians," said Rob Livingston, President, Capital
One Canada. "It is our hope that the social enterprises that grow out
of this fund will benefit Canadian youth through job creation,
education, training and life skills support."
A "social enterprise" refers to business ventures operated by
non-profits, whether they are societies, charities or co-operatives
where they sell goods or provide services in the market for the purpose
of creating a blended return on investment, both financial and social.
Their profits are returned to the business or to a social purpose,
rather than maximizing profits to shareholders.
"Because we realize the range of opportunities that social enterprises
can offer youth and youth-at-risk in achieving their next level of
success, enp is very excited to partner with Capital One Canada to
expand our engagement and support for youth-focused social
enterprises," added David LePage, enp's Program Manager.
Since the development of revenue-generating enterprises can be
challenging and require a different set of skills, the Capital One
Youth Entrepreneurship Fund will also fund workshops in order to help
non-profit organizations develop a thorough understanding of the
realities and risks of embarking on an enterprise initiative.
Attendance at a workshop is required for prospective grant applicants to ensure that staff and board members
have a thorough understanding of the issues involved in enterprise
Full details about the Capital One Youth Entrepreneurship Fund,
including deadlines and criteria, can be found on Enterprising
Non-Profits' Web site at www.enterprisingnonprofits.ca.
About Capital One
Located in Toronto, Ontario, Capital One has offered Canadian consumers
a range of competitive MasterCard credit cards since 1996, when the
company first introduced the Platinum MasterCard in Canada. Capital One
Canada is a division of Capital One Bank, a subsidiary of Capital One
Financial Corporation of McLean, Virginia (NYSE: COF). Capital One is
committed to investing in youth in our communities through program
investment and the skills and dedication of our talented associates.
About Enterprising Non-Profits
Enterprising Non-Profits (enp) was initiated in 1997, to provide support
for non-profit organizations to use business models, social enterprise,
as a means to build their success and sustainability. enp provides
online resources at www.enterprisingnonprofits.ca, learning opportunities through workshops and the Canadian Guide to
Social Enterprise, and grants to provide technical assistance in
business development and planning. enp is a unique collaboration of
multiple funders. The Capital One Youth Entrepreneurship Fund will be
distributed across Canada via enp-BC in Vancouver, enp-AB in Calgary,
enp-TO in Toronto and Chantier de L'economie Social in Montreal.
SOURCE Capital One Services, Inc.
For further information:
Laurel Ostfield 416-549-2753