More than 10 organizations are getting involved with the fund
As part of its continuous efforts to support co-operatives across the country, the Co-operatives and Mutuals Canada (COOP Canada) committed $25 million for the establishment of the Canadian Co-operative Investment Fund (CCIF).
CCIF Board of Directors chair Andy Morrison said the fund demonstrates the willingness of the sector to invest in the future of Canadian co-operatives.
"There is a critical need for investment vehicles that understand the needs specific to co‑operatives. CCIF has been designed by co-operatives to invest in co‑operatives," he said.
Several organizations across the country have pledged to invest in the fund, including the lead investor The Co-operators. Its CEO and president Rob Wesseling said co-operatives have a long tradition of collaborating together. He stressed that the CCIF is a great opportunity for the sector to work together and develop a solution to a long-standing challenge.
"We are pleased to support the creation of this new source of financing, which will contribute to the strength and sustainability of Canadian co-ops," he said.
Desjardins Group president and CEO and president Guy Cormier noted that co-operatives make significant contributions to the country's economy and the establishment of the fund is an important part of supporting the sector. Desjardins is one of the investors in the fund.
"Desjardins’ investment in the CCIF demonstrates our belief that co-operatives continue to have a significant role to play in Canada’s economic future and that we must enable the movement with the appropriate financial tools to succeed," he stated.
The fund will be managed by Community Forward Assistance and will be open to investment by accredited investors. The CCIF is expecting to make its first investment next year.
The following organisations have joined The Co-operators and Desjardins Group as fund investors:
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CCIF Board of Directors chair Andy Morrison said the fund demonstrates the willingness of the sector to invest in the future of Canadian co-operatives.
"There is a critical need for investment vehicles that understand the needs specific to co‑operatives. CCIF has been designed by co-operatives to invest in co‑operatives," he said.
Several organizations across the country have pledged to invest in the fund, including the lead investor The Co-operators. Its CEO and president Rob Wesseling said co-operatives have a long tradition of collaborating together. He stressed that the CCIF is a great opportunity for the sector to work together and develop a solution to a long-standing challenge.
"We are pleased to support the creation of this new source of financing, which will contribute to the strength and sustainability of Canadian co-ops," he said.
Desjardins Group president and CEO and president Guy Cormier noted that co-operatives make significant contributions to the country's economy and the establishment of the fund is an important part of supporting the sector. Desjardins is one of the investors in the fund.
"Desjardins’ investment in the CCIF demonstrates our belief that co-operatives continue to have a significant role to play in Canada’s economic future and that we must enable the movement with the appropriate financial tools to succeed," he stated.
The fund will be managed by Community Forward Assistance and will be open to investment by accredited investors. The CCIF is expecting to make its first investment next year.
The following organisations have joined The Co-operators and Desjardins Group as fund investors:
- Affinity Credit Union
- L’Alliance des caisses populaires de l’Ontario
- Vancity
- Concentra Bank
- Arctic Co-operatives Ltd.
- Assiniboine Credit Union
- Canadian Worker Co-operative Federation
- Co-operative Housing Federation of Canada
- Connect First Credit Union
- Co-operatives and Mutuals Canada
- Kindred Credit Union
- Freedonia
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