We’re celebrating! Purppl’s impact investment collaboration, Thrive Impact Fund, just committed to its first investment in BC’s Interior: Propolis Cooperative Housing Society, a new Kamloops-based non-profit housing cooperative with a mandate to build affordable, sustainable homes.
With Thrive’s commitment – a short-term loan of $270k – Propolis is one step closer to purchasing its first property, which will provide 50 below-market-rate residential units above approximately 9,300 sq-feet of ground-level commercial space – and be net-zero.
As we’ve shared, connecting capital to impact is one of Purppl’s strategies for realizing our vision of a just, regenerative economy that advances collective well-being. One pathway for doing that is through Thrive Impact Fund, the impact investment fund we co-own with Scale Collaborative that supports social enterprises and impact organizations.
“Propolis is tackling affordable housing while breaking down barriers related to access to capital, wealth redistribution, and the climate crisis. Their community bond campaign, paired with net-zero homes, and member ownership, is a trailblazing example of what needs to be done on repeat across the country,” Thrive Impact Fund board member and BC Interior Lead (and Purppl Managing Director) Andrew Greer told the Financial Post.
“Thrive Impact Fund supports high-impact organizations and social enterprises across BC and we are incredibly pleased to support Propolis, our first investment in the BC Interior. A project like Propolis is building a sustainable, regenerative, and just economy. It is inspiring that others can still invest in Propolis’s community bond campaign, make a return, and make a difference. We encourage other people, and especially other organizations to learn more about it.”
Progress of the co-op’s community bonds campaign
Those who attended Connect Money Impact in Kelowna in October got to hear Propolis President Lindsay Harris share about the long (arduous) journey to build affordable, cooperative housing in Canada, and they got to celebrate the tremendous progress of the co-op’s Propolis Bonds campaign to raise $1.1 million in community investments to finance its project. With over 50 other community investors from across BC and Ontario, Propolis has secured a total of $369k in community bonds and $224k in pledges.
With the co-op nearing its goal, Propolis is inviting the Kamloops community and anyone who wants to invest to get involved by purchasing Propolis Bonds now. With investment minimums as low as $1k, each social investment will help Propolis build affordable, durable, green homes that contribute to growing vibrant neighbourhoods.
What’s a community bond?
Community Bonds are a proven social finance tool that generates both a social and financial return. They allow a cooperative organization like Propolis to leverage its community of supporters to help finance the purchase of a fixed-asset while earning a return.
Community Bonds are used successfully by not-for-profits, charities and co-operatives, typically in conjunction with other forms of financing like mortgages and lines of credit.
Invest in affordable, sustainable co-op housing
Learn more about Propolis, its vision and how you or your organization can invest in a future where everyday people can access truly affordable, sustainable housing situated in the community.