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Hybrid Structures:
Raising Community
      Capital

 Social Finance Forum
  November 18, 2008
 Presented by Brian Iler
Structuring Social Enterprise
Choice of structure will vary – in part - with
the intended source of capital:
!!from wealthy individuals with a social
conscience? CIC an interesting option
!!from PRIs - L3C may be suited
!!from the community served – often the
choice will be a co-operative –the original
“hybrid”
Co-operatives
!! Some co-operatives are primarily social,
   or even charitable
!! Others operate closer to the business
   end of continuum
!! All co-operatives are a hybrid of social
   and business objectives – the difference
   is in the weighting
Characteristics
Co-operatives:
!! Are based in the community served
!! Are democratically controlled
!! Primarily draw on their community’s
   financial resources for capital
!! Have a wide range of available
   investment vehicles
Raising Community Investment
            Capital
Two issues:
!!Capital campaign must be cost-effective
and reasonably efficient
!!Vulnerable potential investors need
protection
For those who are familiar with the social
enterprise, usually no regulation.
For those who aren’t – some form of risk
disclosure is indicated – and required
Ontario’s Unique Co-op
  “Offering Statement” Regime
Where
   1.! exemptions not available, or
   2.! the marketing of co-op securities would be
       enhanced by a government approved
       disclosure document,
an Offering Statement is prepared and approved
    (“receipted”) by government.
quot;! “Full true and plain disclosure of all material
    facts”
Does an Offering Statement
   help Raise Community
          Capital?
Yes.
!! Evidence of viable business plan
!! Government review gives investors
   comfort
!! Clear statement of risks up front provides
   protection in the event losses incurred
Available for Non-profits?

Not yet.
!! Some non-profits are exempt from any
   regulation
!! Ontario Non-profit Network has
   proposed the co-op offering statement
   regime for Ontario’s new non-profit law

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Hybrid Structures: Raising Community Capital

  • 1. Hybrid Structures: Raising Community Capital Social Finance Forum November 18, 2008 Presented by Brian Iler
  • 2. Structuring Social Enterprise Choice of structure will vary – in part - with the intended source of capital: !!from wealthy individuals with a social conscience? CIC an interesting option !!from PRIs - L3C may be suited !!from the community served – often the choice will be a co-operative –the original “hybrid”
  • 3. Co-operatives !! Some co-operatives are primarily social, or even charitable !! Others operate closer to the business end of continuum !! All co-operatives are a hybrid of social and business objectives – the difference is in the weighting
  • 4. Characteristics Co-operatives: !! Are based in the community served !! Are democratically controlled !! Primarily draw on their community’s financial resources for capital !! Have a wide range of available investment vehicles
  • 5. Raising Community Investment Capital Two issues: !!Capital campaign must be cost-effective and reasonably efficient !!Vulnerable potential investors need protection For those who are familiar with the social enterprise, usually no regulation. For those who aren’t – some form of risk disclosure is indicated – and required
  • 6. Ontario’s Unique Co-op “Offering Statement” Regime Where 1.! exemptions not available, or 2.! the marketing of co-op securities would be enhanced by a government approved disclosure document, an Offering Statement is prepared and approved (“receipted”) by government. quot;! “Full true and plain disclosure of all material facts”
  • 7. Does an Offering Statement help Raise Community Capital? Yes. !! Evidence of viable business plan !! Government review gives investors comfort !! Clear statement of risks up front provides protection in the event losses incurred
  • 8. Available for Non-profits? Not yet. !! Some non-profits are exempt from any regulation !! Ontario Non-profit Network has proposed the co-op offering statement regime for Ontario’s new non-profit law