Jubilee Fund
Email: [email protected]
Website: http://www.jubileefund.ca/
Phone: 204-589-5001
Office Headquarters Address:
1622 B St. Mary’s Road Winnipeg, MB R2M 3W7
Background
Year Founded: 2000
Mission & Mandate: The Jubilee Fund’s mission is to finance projects that reduce poverty and have a positive social impact in Manitoba. The Jubilee Fund is a non-profit lender that finances organizations and individuals that do not qualify for traditional financing.
Description: We finance poverty reduction and seek to seek to raise awareness of the interrelated issues of poverty reduction, financial assets, and access to credit. Jubilee Fund helps finance the work of social enterprises, non-profits, cooperatives or charities that support Manitobans affected by poverty. We do this through flexible financing – loan guarantees, direct loans, and bridge financing in partnership with financial institutions.
The Jubilee Fund Inc. is a registered Canadian charity. Loan funds are raised through Jubilee Investment Certificates (JICs). Operational funds are supported through donations from individuals, foundations, corporations, and the sale of Jubilee Fund memberships.
Fund Characteristics
Jubilee Fund
AUM: $820,740
Vintage year: 2000
Closing year: Remains open
Fund term: NA
Asset class: Private equity
Investor eligibility: Retail, Institutional
Minimum investment: $1,000
Geographic scope: Provincial, Manitoba
Committed capital: 56%
Average investment size: Loans of $51,000; Investments of $82,000
Investee type: Individuals, Non-profit organisations, Corporations
Investment stage: Seed, Early, Mid, Late
Success Story
North End Community Renewal Corporation
North End of Winnipeg, MB | 2019
Project Name: Merchant Corner
Financing: $130,000
Merchants Corner features 30 units of rent geared to income housing and is an educational hub that hosts the University of Winnipeg’s Department of Inner – City Studies and CEADA- Pathways to Education Program. It also includes a common space open to the community in which literacy programming for preschoolers is offered. They recently added The Perfect Place Café.
In 2018, having completed the renovation of Merchant Hotel and having acquired all the funding needed to pay for this important community project, Merchant Corner still had a timing issue. Pledges for the project were generous but commitments were spread out over three calendar years meaning that contractors were not going to be paid on time and as promised.
Jubilee Fund partnered with Assiniboine Credit Union to make the $130,000 shortfall available through bridge financing to avoid any negative consequences for Merchants Corner of contractors not being compensated for their work. We are proud to announce that Merchants Corner’s bridge financing is now paid in full after their donor pledges have been honoured!
“The Jubilee Fund was a critical partner in the Merchants Corner project. Some donations for the project were multi-year commitments. The Jubilee Fund filled the gap in the receipt of our pledges from the project donors. This ensured that we were able to continue construction without any interruption.”
