GUELPH, ON, June 24, 2015 /CNW/ - The Co-operators has announced that they will increase their pledge to the Canadian Co-operative Investment Fund (CCIF) to $10 million. The Fund, which will be launched in the coming months, will support the development and expansion of Canadian co-operatives with loans and other funding sourced from the co-op sector.
The Fund, a first of its kind in Canada, was created under the leadership of Co-operatives and Mutuals Canada to address the challenge co-operatives face in accessing capital from conventional sources. It will provide funding with favourable conditions to developing co‑operatives throughout the country. The Fund is to begin its operation once it has reached its target of $25 million committed from the Canadian co-operative and mutual sector.
"Access to capital has long been recognized as a significant challenge facing co-operatives and we're pleased to support this solution designed by the co-op sector for the co-op sector," said Kathy Bardswick, president and CEO of The Co-operators. "Co-operatives have a long tradition of helping one another, and this is an innovative approach that will provide a new source of funding for emerging co-op and strengthen the Canadian co-op sector as a whole."
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