Canada

Canada

Solidarity-Based Finance Program

Start date: March 2017

End date: December 2020

Funding partner: Desjardins Group

Implementing partners: Participating budget advisory and entrepreneurship support organizations

Project description

Solidarity-based finance products are Desjardins's answer to the problem of financial exclusion. The 3 products offered by Desjardins caisses (the Desjardins Mutual Assistance Fund, Desjardins Microcredit to Businesses program and Créavenir) are for people experiencing temporary financial difficulties, self-employed workers, and young people who want to start a business but don't qualify for traditional financing.

Support is offered in the form of coaching and financial education provided by a local organization or, in some cases, a loan with generous terms.

Since 2014, Développement international Desjardins has helped Desjardins caisses coordinate, deploy, monitor and promote solidarity-based finance programs.

Results as of December 31, 2019

  • 18,078 people participated in financial education activities.
  • 10,811 individuals, including 822 entrepreneurs, received personalized coaching.
  • 612 people experiencing significant financial difficulties obtained a small emergency loan.
  • 319 business projects were supported in their start-up or growth phases.
  • 715 jobs were created or maintained in affected communities.
  • Every dollar loaned to entrepreneurs through the Créavenir and Desjardins Microcredit to Businesses programs—combined with our partners' support—had a catalyst effect, allowing those businesses to obtain an average of 7 times more financing from other sources.

Learn more about our solidarity-based finance products