History of the First Capital Community Development Loan Program
To provide for this possibility, the Foundation’s investment policies were amended to allow the Foundation to set aside a small portion of its asset in a mission-based investment stream. The purpose would be to invest a portion of the Foundation’s assets directly in the local community in a manner that would have a positive and enduring impact on our community.
At the same time as the Foundation was considering social investing, First Capital Community Development Inc. was considering options to revitalize their initiatives to provide financial support for new and emerging small business enterprises operating in Kingston. This committee was headed by Brad Ross, Bob Pritchard, Ron Turley, Matt Hutcheon and Mark Hanley, to whom we owe a great thanks for getting us to the point we are today. Our two organizations came together to create the vision and structure for the First Capital Community Development Loan Program.
A fund was created at the Community Foundation with a healthy donation from First Capital Community Development Inc. founders. This fund was created to support the purposes of both organizations. It supported the Foundation’s goal of enhancing the quality of life in our culturally rich community as well as our new Smart & Caring Community priority area of “Getting Started” – giving children, youth and newcomers a strong start to life in our community. For First Capital Challenge Inc., the fund will provide a mechanism to continue to realize their goal of promoting community economic development in Kingston by providing loans for start-up and growing enterprises.
A partner was needed to help administer the loans, and the Foundation was pleased to find a very willing and supportive partner in Alterna Savings. The result is that the Foundation is now officially ready to start accepting applications!