HOW TO APPLY

OUR ELIGIBILITY
CRITERIA

Our eligibility criteria is simple and straightforward, and is open to those over the age of majority without limitations around industry sector, stage of growth, or whether you are structured as a for-profit business or non-profit organization. Instead, it is focused around two key questions:

1. Are you a social enterprise, and does your work align with our investment priorities?

2. What is your social enterprise’s contribution and commitment to local communities and economies in Southwestern Ontario?

SOCIAL ENTERPRISES

There is no universal definition for a ‘social enterprise’, but we like this one from our friends at the Women Of Ontario Social Enterprise Network:

“Social enterprise is an approach to business (rather than a legal structure) that is value-based and principles-focused. Its value proposition is incorporated into its mandate and directs its operation. Specifically, they seek to have a positive social, cultural or environmental impact though its operations, and/or sale of products or services. [We have] adopted a broad definition of social enterprise that includes cooperatives, nonprofit and for-profit business forms.”

Ortiz, J & Meades, S. (2021)
The Story of WOSEN: Women of Ontario Social Enterprise Network Interim Report
Sault Ste. Marie, ON, NORDIK Institute. p.4.

One important distinction to note: this is different than a corporate social responsibility (CSR), philanthropic, or ‘giving back’ approach, where money, products/services, or employee time is donated towards charitable causes or organizations.

See Our Investment Priorities section below to learn more about what we mean by ‘positive social, cultural, or environmental impact’.

SERVING SOUTHWESTERN ONTARIO

VERGE Capital supports local economies and communities across Southwestern Ontario by investing in social enterprises who are committed to doing the same. Again, there is no universal definition but we consider Southwestern Ontario as the general area between Windsor and Hamilton-Niagara. We regret that this does not include Halton Region (Burlington, Halton Hills, Milton, Oakville) or the rest of the Greater Toronto Area.

HOW WE WORK

We are not a bank or traditional financial institution, so our application process is very different than you might expect or be used to. It is meant to be as collaborative, supportive, and user-friendly as possible. Here is a summary of the process and timelines you can expect, step-by-step:

1. If you think you meet the eligibility criteria above, click the “Inquire Now” button below to tell us a bit about your social enterprise. We will respond to your inquiry within 3-5 business days.

2. If you are indeed eligible, we will arrange a phone call, videoconference, or (if circumstances allow) in-person meeting to learn more. If you are not eligible, we will do our best to recommend alternatives.

3. We work with you to determine what makes the most sense for your social enterprise, and help you put together a strong and compelling loan application. The amount of time this takes will depend on your level of experience and preparedness.

4. When ready, your application is assessed by a review panel of 4-6 volunteers with diverse backgrounds in terms of lived experience and professional expertise. This due diligence period takes approximately two weeks.

5. We provide you with the review panel’s initial assessment to help you better prepare for your presentation (the next step below), and can also arrange a practice session to offer feedback on your presentation. This can take up to a week, depending on the feedback you receive and how you want to make changes or improvements based on that.

6. You meet with the review panel, either in-person or via videoconference, and have about 15-20 minutes for your presentation where you get to tell your story and share your vision and values. The review panel also has an opportunity to ask questions about your social enterprise and get to know you and your team better.

7. The review panel discusses your application as a group, and makes their recommendation to VERGE Capital to approve your loan, or that further work is needed for an approval. This decision is communicated to you within a week of your presentation.

There are no deadlines, so you can apply whenever it makes the most sense for your social enterprise. We are here to help you succeed, and part of that is providing you with timely and honest feedback every step of the way, so you always know where you stand and how you can improve your chances. Ready to start the process?