APPLY FOR A VERGE BREAKTHROUGH FUND II LOAN
Find out if you are eligible for a loan from VERGE Capital, learn how we work differently, and get in touch if you think you are a good fit.
ELIGIBILITY
VERGE Breakthrough Fund II is accepting applications from enterprises that serve a social, environmental, cultural or community mission.
We prioritize social entrepreneurs from, or organizations that serve, underrepresented communities. This includes Indigenous, rural, racialized, newcomers, 2SLGBTQI+, people with disabilities, women and those who identify as non-binary.
We support social purpose real estate projects, climate action projects and social enterprise projects by providing affordable financing solutions to established social enterprises.
We fund:
a) Social enterprises:
that have a demonstrated impact
located in Southwestern Ontario
with operating history of at least 1-2 years
currently generating revenue with existing customers or assets secured
with full-time experienced management
from any industry sector, stage of growth, or organization structure (for-profit business or non-profit organization)
b) Large-scale community infrastructure such as affordable housing developments, green energy projects, nature conservation, community hubs, or arts and cultural spaces
DEMONSTRATED IMPACT:
Ventures will be asked to provide an impact plan that includes an impact baseline and improvement plan.
Quarterly and annual reports will track progress against targets and metrics.
LOAN DETAILS
Typical social enterprise loans can be up to $100,000.
Large-scale infrastructure loans that include security against the assets can be up to $500,000.
Loans are typically fixed rate loans with repayments including principal and interest. The interest rate, repayment terms, application fees, and security for all loans are determined on a case-by-case basis.
HOW IT WORKS
Our application process is collaborative, supportive, and user-friendly. The whole process can take as little as 2 months and as long as 6 months, depending on your preparedness.
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. Ready to start the process?
Here’s what you can expect:
Inquiry: To apply, click the “Inquire Now” button below and tell us a bit about your social financing needs. We will respond to your inquiry within 3-5 business days.
Application: If your organization meets the criteria, we will help you put together a strong and compelling loan application.
Review: 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.
Feedback: We provide you with the review panel’s initial assessment to help you better prepare for your presentation.
Pitch: 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.
Decision: The review panel discusses your application as a group, and makes their recommendation to our Fund Board of Directors, who represent our collective investors. The loan may be approved, suggest further work is needed or decline the loan with reasons why.
PILLAR START UP FUND
If your organization is just getting started and is looking for seed funding for your social enterprise, you may be eligible for a loan from the Pillar Start Up Fund. Contact Blaire at bhenry@pillarnonprofit.ca.
