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Inside this issue:
CAIF Update 2
CONC: A case study 3
CAIC AGM 2015
This and That
4
CAIC @ CSI Regent Park
585 Dundas St. East, Suite 300
Toronto, ON M5A 2B7
T: 416-467-7797
caic@caic.ca
www.caic.ca
BUILDING A SUSTAINABLE FUTURE!
C AIC has a unique history and
place in the social finance sector
in Canada. Since the co-op was
founded in 1984, CAIC has provided 18
million dollars in loans for nonprofits,
charities, cooperatives and social enter-
prises focused on social justice initiatives
across Canada.
Building on the Impact Assessment that
was produced in celebration of CAIC’s
30 years as a social lender, in 2015 we
engaged in a deeper research initiative
with both past and present borrowers
in order to determine:
the impact of CAIC’s loan on the
borrower’s operations;
the impact on the borrower’s finances;
what they would say to someone
thinking of borrowing, and
whether they would do it again.
We were pleased to not only discover
that many of our earlier borrowers
were still thriving, but that they
stressed CAIC’s support had been critical
to their organization’s sustainability.
Here’s a sample of what our borrowers
had to say:
“CAIC’s loan helped us leverage another
$500,000. An approval from CAIC was a
strong vote of confidence for our project.”
Pillar Non-Profit, London, ON
“CAIC’s loan was a critical factor. With-
out it we would not have had sufficient
capital to purchase the building..it
would have been sold on the open market
creating an uncertain future for the
cooperatives running from there.”A-Zone,
Winnipeg, MB
“We were not eligible for a mortgage
with any of the major financial
institutions. CAIC’s financial support and
flexible terms allowed us to purchase
our residence for the program and pay
off our mortgage sooner.” Mater Dei,
Toronto, ON
“CAIC’s loan allowed us to provide more
micro-loans and as a result support the
economic development of our region
through the creation of jobs.” Accès
Micro-Crédit Gaspésie, Bonaventure, PQ
“CAIC understands non-profit charity
financial issues. The CAIC loan “felt” good,
as we knew that the interest paid would
be going back into other good works!”
Brock Street Mission, Peterborough, ON
“CAIC’s loan permitted us to grow our
women’s shelter from 4 beds to 25 beds.
Having the capacity to build equity
created a stable financial position for
our organization, demonstrating fiscal
responsibility to potential funders and
building our long term viability.”
Elizabeth Fry Society, Barrie, ON
Kudos— Sr. Patricia Boucher
CSJ (CAIC Vice-President) and Don
Middleton (CAIF Vice-President)
thanked on behalf of the
CAIF/CAIC boards the following
CAIC members for their
donations throughout the
year (2015):
Grey Sisters of the
Immaculate Conception
Jesuit Fathers of Upper
Canada
Les Filles de la Sagesse
Loretto Sisters
Saint John Neumann
Foundation
Scarboro Missions
Sisters of the Cross
Srs. Of the Holy Cross
Srs. Of Providence of St.
Vincent de Paul
Srs. Of St. Joseph
(Toronto)
Ursuline Religious of the
Diocese of London
These donations have served
as a building block for CAIF’s
permanent endowment,
ensuring that social agencies
unable to obtain financing
from conventional financial
institutions will continue to
have an accessible and
affordable source of capital,
along with technical assistance
& capacity building grants that
help ensure that charities are
successful in their ventures.
The generosity of these
“Legacy Donors” has enabled
the foundation to approve
four loans and provide eleven
grants. For more information
visit CAIF’s website at
www.caifoundation.ca
2016 is already off to a good
start thanks to the following
members for making a new
donation and/or donating
their 2015 earnings in CAIC to
the Foundation:
Basilian Fathers
Grey Sisters of the
Immaculate Conception
Jesuit Fathers
Les Filles de la Sagesse
Loretto Sisters
Saint John Neumann
Foundation
Scarboro Missions
Sisters of the Cross
Ursuline Religious of the
Diocese of London
CAIF Borrower Presents
at CAIC AGM 2015—
“CAIC was the first lending
institution to ask us about the
social value of our work in
assessing our suitability for a
loan” said Hasina Quader,
Board Chair of the
Bangladesh Centre and
Community Services.
She expressed gratitude on
behalf of the centre and
welcomed CAIC members to
the space.
CAIF Update
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Front Row (L –R) - Don Middleton, Fr. Paul Hansen,
CSsR & Sr Pat Boucher, CSJ thank CAIF Legacy
Donors 2015– (L-R) Sr. Carmen Diston, IBVM,
Karen Van Loon, Sr. Fay Edmonds GSIC and Sr. Nida
Fe Chavez, CSJ.
CAIF Board President, Fr. Paul Hansen
thanks Hasina Quader, BCCS Board Chair for
her presentation on the impact of CAIF’s
loan.
Case Study: The Christie
Ossington Neighbourhood
Centre (Toronto, ON) - The
following case study (excerpted
for this newsletter) was featured in
a SIG@MaRS series exploring
impact investing in the Canadian
context.
The Christie Ossington Neighbour-
hood Centre (CONC) could be
described as a jack-of-all trades
community center. Founded in
1994 to serve one of
Toronto’s west end
neighbourhoods, CONC
provides services and
programming to high-
needs children, at-risk
youth, homeless men
and women, vulnerable
community members
and newcomers to
Canada. CONC’s
Transitional Housing
program provides
temporary housing and
support services for clients that
are working to overcome difficult
life circumstances and working
towards permanent housing
solutions.
In 2002, CONC was in danger of
losing the building occupied by
their Transitional Housing program.
They were renting the building
and the owner wanted to sell.
CONC board members made the
decision to purchase the building.
First, Executive Director Lynn Daly
approached Canada’s mainstream
financial institutions for mortgage
financing. However, she found
that those institutions were
“unaware of how to deal with the
needs of the not-for-profit sector”.
CONC needed to find an alternative
source or risk losing the building.
Through their network of non-
profits, CONC discovered the
Canadian Alternative Investment
Cooperative (CAIC). Formed in the
early 1980s, CAIC is an investment
cooperative that helps to fill the
gaps left by traditional financial
institutions by making investments
that support positive social change
and promote alternative economic
structures.
CAIC invests in organizations
working in the field of social
justice, with the primary objective
of helping borrowers to further
their missions. CAIC works closely
with borrowers, performing due
diligence and site assessments in
order to provide loans that are
tailored to the needs of the
organization.
Beth Coates, Financial Manager
credits CAIC’s extremely low
default rate to these close working
relationships. “We work really
hard to reduce the risk as much as
we can, sometimes in unconventional
ways, so that we can charge a
lower rate of interest and provide
flexible terms”, she says.
In March 2002, CONC
received a loan to purchase
the Bloor Street building.
Lynn Daly acknowledges
the vital role that CAIC
played in enabling CONC
to continue to provide
valuable services to
marginalized individuals
in the community. “You
have to find a partner
that will not micro manage
you and lessen your ability
to be a force for
change….. Money can create
deprivation but social finance can
be used to create social benefit.”
Editor’s Note: CAIC provided
two loans to CONC—the first in
2002 facilitated the purchase of
the Bloor Street building and the
second in 2003 provided
financing for the construction
for a 20 unit transitional housing
facility on Lansdowne Avenue in
Toronto. Both loans have since
been fully repaid.
CAIC/CAIF PROJECTS
Page 3
CONC—Another community project financed by CAIC. (Photo taken in 2003)
CAIC’s work demonstrates the value of social lending
alt
ern
ati
ve
fin
an
cin
g f
or
co
mm
un
ity
-ba
se
d p
roje
cts
.
AGM 2015—This year’s theme
“Building a Sustainable Future”
provided an opportunity for
CAIC members to visit one of
our sister organization’s (CAIF)
recent loans and hear about the
positive impact having access to
affordable capital has had on that
organization. Members also
received an update on CAIC’s
lending activity for the past year
and heard how both the CAIC
and CAIF boards are working
together to build a sustainable
future for both organizations.
Introducing CAIC Board 2016–
CAIC bids adieu to Fr. Paul Hansen
CSsR and welcomes Sr. Fay
Edmonds, GSIC to CAIC’s Board of
Directors 2016. Sr. Fay joins
President, Moira Hutchinson,
TRINITY-ST. PAUL’S UNITED CHURCH , Vice-
President, Sr. Pat Boucher CSJ, Fr.
Bob Holmes, CSB and Treasurer,
Arlene Kubiak, (SRS. OF ST. JOSEPH IN
CANADA).
Member Investments—Thank
you to the following CAIC members
for reinvesting their earnings in
CAIC and/or making an additional
investment in 2015: Congregation
of the Sisters of St. Martha, La
Congrégation des Soeurs de
Sainte-Anne, Srs. of Charity of the
Immaculate Conception, Srs. of
Charity of St. Vincent de Paul (NS)
and the Srs. of the Holy Cross of St.
Joseph’s Province.
Page 4
THANK YOU
FOR JOINING US FOR
AGM 2015
Basilian Fathers ~ Fr. Bob
Holmes
CFSC—Mr. Don Alexander
Grey Sisters of the Immaculate
Conception ~ Srs. Fay Edmonds
Felician Sisters—Sr. Mary Jean
Sliwinski
Loretto Sisters ~ Sr. Carmen
Diston & Ms. Mary Anne Leon
Saint John Neumann Foundation
~ Mr. Marwan Al-Turk & Fr.
Paul Hansen
Scarboro Missions ~ Ms.
Karen Van Loon
Srs. of the Precious Blood ~ Srs.
Linda Thompson & Arlene Bondoc
Sisters of St. Joseph in Canada ~
Sr. Joan Atkinson, Sr. Loretta
Manzara & Ms. Arlene Kubiak
Sisters of St. Joseph (Toronto) ~
Srs. Nida Chavez & Pat Boucher
Sisters of Service ~ Mr. Desmond
Wilson
Trinity - St. Paul’s U.C. ~ Ms.
Moira Hutchinson & Mr. Don
Middleton
THIS AND THAT
Moira Hutchinson thanks outgoing
President Fr. Paul Hansen for his
commitment to ensuring a sustainable
future for CAIC.
CAIC Members at AGM 2015—Bangladesh Centre
and Community Services (above & below)
For more information
on CAIC’s lending
streams, current & past
borrowers, frequently
asked questions etc…..
Why not visit us at
www.caic.ca?
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