In January of 2020, DUCA Impact Lab was a title sponsor at the Legacy Leadership Lab’s inaugural Toronto social innovation lab workshop. Though L3 has since turned virtual, our core mandate of supporting the growth of the social and co-operative enterprise sector in Canada through social acquisition and business recovery is growing in importance and capacity day by day.
L3 is thrilled to be sharing some exciting news about a key supporter of L3’s vision, who themselves are building crucial products and services to support SMEs and purpose-driven businesses in their time of need. Know a purpose-driven or essential small business owner that needs financial assistance? Read on!
Since the beginning of the pandemic, small- to medium-sized enterprises have been experiencing heightened cash flow challenges and often have very limited access to working capital financing from mainstream institutions.
In response, DUCA Impact Lab is opening up one of its impact financing pilots to enterprises in the L3 community. Any small- to medium-sized enterprises experiencing cash flow struggles and limited access to other working capital financing solutions are encouraged to get in touch and learn more about this new low cost invoice factoring service.
Eligibility
The pilot is open to the following organizations:
- All Canadian social enterprises, B-corps and small businesses - preference is given to social enterprises and company’s with purpose driven business models
- Ideally for those organizations unable to use or access corporate lines of credit, corporate credit cards etc.
- Smaller non-profits engaged in B2B fee-based work
- Have an invoice on the table to a Canadian company, institution, government entity, or other large organization. The invoice reflects work completed – we are not able to provide purchase order financing or advance funds on service contracts at this time
Product terms
The pilot offers low cost invoice factoring services to purpose driven entrepreneurs in an effort to improve cash flow management and enable longer-term financial planning. The terms of the pilot are as follows:
- Invoices up to $25,000
- 12 - 24 week terms
- 0.3% of the invoice value per week
- We will fund 100% of your invoice
- You can pay in full at any time with no penalty
Any one interested in learning more should contact:
Keith Taylor
Executive Director, DUCA Impact Lab
ktaylor@duca.com
About DUCA Impact Lab
The DUCA Impact Lab has been purposefully designed to test and prove new models of banking and finance to unlock the positive impact and social value banking can have for people, businesses, and communities.
DUCA Credit Union launched the DUCA Impact Lab in late 2018 to explore and live test new banking solutions that unlock the potential of banking that benefits all. The DUCA Impact Lab brings together a community of experts to dynamically test new ideas, products and services, acting as an ongoing vehicle to explore and tackle challenges currently faced by all participants in the financial system and the underbanked.
About Legacy Leadership Lab (L3)
L3 is an 18-month initiative by the Waterloo Institute for Social Innovation and Resilience, funded by the Government of Canada’s Investment Readiness program. We are leading online workshops and events to help build expert-driven solutions for Canada’s transitioning small business community. The L3 Community is developing and activating market interventions and prototypes that allow conventional and social finance players, business service providers, and community leaders to facilitate social acquisitions of existing businesses in their own towns and contexts.
About Waterloo Institute for Social Innovation and Resilience (WISIR)
WISIR is a research institute at the University of Waterloo’s School of Environment, Enterprise and Development committed to generating trans- and inter-disciplinary knowledge about social innovations and the social innovation process (the dynamics of learning, adaptation and resilience). Our approach is to pursue collaborative research and projects that bridge University of Waterloo departments, involve researchers from around the world, and engage those beyond academia. We seek to mobilize this knowledge through a range of new curriculum offerings and training opportunities - both within and outside of a university setting.