Capital One Youth Entrepreneurship Fund Now in Seven Canadian Communities
Calgary, Alberta (June 20, 2013) – Today, Enterprising Non-Profits Alberta (enp-AB) and Capital One Canada announced the expansion of an innovative program for Alberta youth and non-profits servicing youth. The Capital One Youth Entrepreneurship Fund will be available starting June 2013 and will provide grants to support the development of revenue-generating enterprises across Alberta, to enhance their programs or services, or as a way to stabilize and diversify a charity’s funding base. This program will be particularly focused on enabling youth and organizations servicing youth to conduct planning activities to develop or grow a social business venture.
“We are expanding our capacity to create revenue generating social businesses across the country because they have the dual benefit of stabilizing funding for the nonprofit sector, while also providing valuable social services for next generation of Ontarians,” said Rob Livingston, President, Capital One Canada. “It is our hope that the social enterprises that grow out of this fund will benefit Alberta 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.
“Capital One is to be commended for its commitment to developing the field of social entrepreneurship,” remarked Michele Fugiel Gartner, Director of Strategic Investments & Operations, “Through Enterprising Non-Profits we have found that a key component to creating successful business ventures is providing strong education opportunities, peer networking, and accessible funding. The Capital One Youth Entrepreneurship Fund helps to advance these opportunities for youth-driven & youth-serving ventures.”
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 youth and non-profit organizations develop a thorough understanding of the realities and risks of embarking on an enterprise initiative. Attendance at a workshop is required of prospective grant applicants to ensure that staff and board members have a thorough understanding of the issues involved in enterprise development.
As of this year, the Capital One Youth Entrepreneurship Fund is now available in multiple communities right across Canada. More information can be found at enp-Canada’s website www.enterprisingnonprofits.ca.
About Capital One
With offices in Toronto and Montreal, Capital One has offered Canadian consumers a range of competitive MasterCard credit cards since 1996, and now includes the Aspire suite of rewards cards which are regularly cited by leading rewards experts for the great value they offer consumers. 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 on-line 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.