FOR IMMEDIATE RELEASE
LONDON, ON - During the height of the pandemic, over 77 local investors have contributed a total of $1 million to the Innovation Works Community Bond helping us reach our campaign goal. This marks a significant increase from the 47 investors who supported our first Community Bond in 2015, showing a remarkable growth of community engagement. At a time when many charities and nonprofits are facing hardships, the support of Londoners for Innovation Works, a program of Pillar Nonprofit Network, through their investments will enable us to continue to strengthen, connect and advocate for nonprofits and social entrepreneurs.
“In our fifth year at Innovation Works, the support of Londoners for our second Community Bond is a strong endorsement of our mission to cultivate community and spark collaboration for positive impact,” said Loredana Wainwright, Director, Operations and Innovation Works. “As London rebuilds from COVID-19, Innovation Works offers innovative solutions for the future of work providing flexible leasing and work space, support critical for entrepreneurs, nonprofits and social enterprises to thrive and develop solutions to local challenges - and most of all a community of like-minded social innovators.”
Unlike the traditional choice between supporting good causes through philanthropy and investing solely for financial returns, community bonds offer a way to achieve both objectives - supporting a charity or nonprofit's mission, while earning a financial return. In this case, our supporters were able to purchase a community bond for as low as $1,000 and receive an annual return of three percent interest, making an investment that aligns with their values.
The decision to raise capital funding through a Community Bond is about more than just dollars and cents. As a strong proponent of social finance and its capability to help build more equitable economies, Innovation Works sees the bond as an opportunity to continue to model innovative impact investing tools locally leading the way for other organizations. Most importantly, the bond allows Innovation Works to engage the London community to create a sense of ownership and co-creation.
"I choose to invest in an Innovation Works community bond because I see it as a bigger community investment,” said community bondholder, Gerda Zonruiter. “I believe in the power that this shared space has to foster innovation and entrepreneurship by encouraging and facilitating connections between people with different passions, talents and skills."
Community investors interested in earning a financial return while supporting local economies and communities will soon have another opportunity to do so through VERGE Capital, a social finance program of Pillar Nonprofit Network managed in collaboration with Libro Credit Union and SVX. VERGE will be launching a new impact investment fund in 2021 dedicated to supporting local small businesses, nonprofits and social enterprises across Southwestern Ontario that are tackling our region’s most challenging social and environmental issues. Interested investors can email firstname.lastname@example.org to learn more.
About Innovation Works
Innovation Works by Pillar Nonprofit Network is a thriving co-working space for social innovators and changemakers located at 201 King Street. It is the only space in London that is intentionally designed to encourage collaboration and meaningful connections between individuals and organizations invested in positive community impact. For more information, please visit www.innovationworkslondon.ca.
About Pillar Nonprofit Network
Pillar Nonprofit Network strengthens individuals, organizations and enterprises invested in positive community impact. We support more than 610 nonprofits, social enterprises and social innovators by sharing resources, exchanging knowledge and creating meaningful connections across the three pillars of nonprofit, business and government.
Pillar Nonprofit Network believes that a connected network sparks collaboration and a willingness to lean on each other to build an engaged, inclusive and vibrant community. For more information, please visit www.pillarnonprofit.ca.
Maria Luisa Contursi, Director, Network and Engagement
Pillar Nonprofit Network
201 King St., London, ON N6A 1C9, Cell: 519-657-6018