Arctic Co-operatives Limited commits $500K to the Canadian Co-operative Investment Fund

Nov 28, 2014
Arctic Co-op pledges 500K to CCIF

Arctic Co-operatives Limited has joined the Canadian Co-operative Investment Fund (CCIF) as a founding investor bringing the Fund closer to its targeted amount of pledges of $20 million. Arctic Co-operatives joins a group of investors that includes: Vancity, The Co-operators, Assiniboine Credit Union, Affinity Credit Union, First Calgary Financial and the Canadian Worker Co-operative Federation.

Financed by the co-operative and mutual sector, the CCIF is designed to help co-operatives access capital that they might not find elsewhere. It will be a Fund that is knowledgeable about co-operatives and mandated to structure investments appropriate to co-operative principles and the role of capital in co-operatives.

Co-operatives and Mutuals Canada has also recently requested the financial participation of the Government of Canada to assure the fund meets the full investment needs of Canadian
co-operatives both new and existing.

Arctic Co-operatives investment comes at an important point in the development of the CCIF, as it brings the total of pledges to $14.25 million. The objective is to reach $20 million in commitment from the co-operative and mutual sector before the end of 2014 in order to launch the Fund in 2015.

Arctic Co-operatives commitment demonstrates that co-operatives from east, west and the north understand the need for a strategic investment fund and are willing to do their part. Arctic Co‑ops also offer valuable direct knowledge gained in establishing and managing the Arctic Co‑operative Development Fund (ACDF). Their support of CCIF is a great example of co-operatives working with other co-operatives to build Canadian communities.

Arctic Co-operatives Limited is a service federation that is owned and controlled by 31 community-based Co-operative business enterprises that are located in Nunavut and Northwest Territories. These 31 federated co-ops earned revenues of $190 million in 2013.

Co-operatives and Mutuals Canada is the national association representing the interests of co‑operative and mutual organizations in Canada. We help diverse sectors work together to build consensus on issues affecting co-operative and mutual enterprises. CMC is a bilingual trade association with members that include sector federations, sector apex organizations, provincial associations and Canada’s largest co-operatives.

 

For more information please contact Brendan Denovan, Communications Manager, Co-operatives and Mutuals Canada