Community Links supports the urgent needs of families and individuals facing challenges related to finances, food insecurity, and housing in Airdrie. They borrowed $260K to cover start-up costs associated with opening Community Treasures, a social enterprise thrift store to generate unrestricted revenues toward operations and provide a satellite location for services.
Prior to applying for and successfully receiving a loan, what was your connection to Calgary Foundation?
Over the years, Community Links received grants for software & security and server and technology upgrades.
Why did you select Calgary Foundation’s Impact Investing program, and why did you opt to use debt?
During initial fundraising efforts, we recognized the need for innovative and flexible funding solutions and determined the resources required to realize our vision necessitated taking on some debt. Traditional loan sources, such as banks, often impose requirements that are not conducive or realistic for not-for-profit organizations. The loan parameters and flexibility offered by Calgary Foundation’s Impact Investment program matched the financial support we needed to ensure the long-term sustainability of our project.
Did your project face difficulty accessing conventional financing?
Yes, our bank required collateral or guarantors to secure the loan. Unfortunately, this requirement is not feasible for our non-profit organization, which significantly limited our options for obtaining necessary funding.
How did the features of an impact loan benefit your organization?
Flexible repayment terms enabled the project to start immediately, providing time to establish our operations and generate revenue before beginning debt repayments. Focusing on building the project’s success without the financial pressure of repayment allowed for a more sustainable and effective launch of our project.
What are your top outcomes, and would they look different without the Investment Impact Program?
The top three outcomes of our project are increased community engagement, development of consistent environmental practices and a flexible/sustainable fiscal strategy that expands our delivery of services. Without the program, we would have faced a lengthy capital campaign, straining our resources, delaying the start of the project which would have led to stagnation, missed opportunities, and potential failure to achieve our goals.
How did the experience of borrowing from Calgary Foundation benefit your organization?
From the moment we initiated the process, we appreciated the transparency, clarity, and responsiveness from the Impact Investment Team, especially Alex Laidlaw, who engaged us with thoughtful and insightful questions to fully understand our project and mandate. We felt welcomed during our presentation to the Committee and supported even after the loan was approved. The team demonstrated genuine interest in getting to know our role serving community which fostered a strong partnership and enhanced our overall experience.
Brenda Hume, Executive Director, Community Links