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François Vermette

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François Vermette

  1. 1. 1The Quebec social economyexperience
  2. 2. 2 Chantier de l’économie sociale: networks of collectiveenterprises, local and regional developmentorganisations and social movements to promote anddevelop the social economy Recognition by Quebec government as a participant ineconomic and social developmentLe Chantier de l’économie sociale
  3. 3. 3 Started as a work group out of the 1996 summit onemployment and economy Stakeholders in the social economy then decided in1998 to make permanent the work group in charge ofpromoting and developing collective entrepreneurship Chantier de l’économie sociale became anindependent corporationLe Chantier de l’économie sociale
  4. 4. 4 A general assembly and A board of directors of 32 members representing thevarious stakeholders in the social economy.Le Chantier de l’économie sociale
  5. 5. 5 Board of director: 8 Networks of social entreprises 6 Network for territorial developpement 5 regional hub 6 social mouvements (2 unions, women, et autres) 1 First nation 2 individual (research etc.) 4 non-voting (RISQ, Fiducie, CSMO-ÉSAC, Youthcomitee)Le Chantier de l’économie sociale
  6. 6. 6 New financial tools New enterprise models New institutions and networks emergeNew financial tools
  7. 7. 7 Many institutional barriers Acces to capital Undestanding of social economy Commercialization strategies Image of the social economy Work on social financing and social indicatorsChallenges
  8. 8. 8Réseau d’investissement social du Québec:A 12M$ fundContribution from: Québec governement Private entrprises: Alcan Groupe Jean-Coutu Imasco Caisse Desjardins Banque Nationale, de Montréal et RoyalA first answer
  9. 9. 9Réseau d’investissement social du Québec:• Technical assistance and capitalization components 484 projects $11 million investment Creation and maintenance of more than 6,000 jobs Recreation and tourism, services, recovery-recycling,solidarity commerce, culture, etc.A quick snapshot
  10. 10. 10 Needs for patient capital as equity Size of projects ever growing Products that complement grants and loansRates that take their social mission into accountCapital that remains in the business Private and institutional investorsAn appropriate balance between risk andperformanceA vehicle to receive their investmentNew Challenges
  11. 11. 11CES TrustContribution from: Development Agency of Canada for the Regions ofQuebec : 22.8 M$ Fonds de solidarité FTQ: 12,0 M$ Fondaction CSN: 8,0 M$ Québec governement: 10,0 M$Total : 52,8 M$Fiducie de Chantier de l’économie sociale
  12. 12. 12Operations Patient CapitalReal Estate Patient Capital:Fiducie de Chantier de l’économie sociale
  13. 13. 1329M$ invested in 119 projects32% in operating patient capital39% Real estate patient capital29% mix of bothFiducie de Chantier de l’économie sociale
  14. 14. 14 Need for community Housing Response against « social bonds » Response to the diminution of gouvernementprogram Beeing a actor in financingHousing Challenges
  15. 15. 15With the actors of community HousingIn adition to governement programProjet pilote de 1 200 unités sur 3 ans: 2013: 200 unités 2014: 500 unités 2015: 500 unités31,5M$A limited partnership fund
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