The Jubilee Fund Inc. is a very unique organization in Winnipeg. A Winnipeg-based Community Economic Development fund, Jubilee provides loan guarantees and bridge financing to organizations that are looking to develop economic initiatives that promote self-reliance, human dignity and a better quality of life for the individual and community.
Their target groups include people often denied by conventional lenders. They include low-income households, neighbourhood community development organizations, non-profit daycares, inner-city young people, aboriginal people and newcomers. Through their investments, The Jubilee Fund aims to promote self-reliance, dignity, self-respect and a better quality of life for healthier communities.
Their loan guarantees fall into three sectors: business loans including worker co-ops; small businesses and community based enterprises; low-income housing and social/community programs including non-profit daycares community centres for newcomers to Canada and funding for youth programs.
Their most recent business loan was to the Neechi Foods Cooperative on 859 Main Street. This aboriginal co-op business will open in November 2012 and will provide a large selection of groceries, fresh meats, fruits, bakery and a deli. It is fulfilling a need for a food store in that area, plus providing opportunities for community employment.
On October 12, 2012, the Explorer’s Childrens Centre on William Avenue opened. Forced to move from their previous location, this daycare’s new home used to be an old, unused fire hall that needed extensive renovations. With the new facility they were able to add 16 more spaces, increasing their total to 66 child care spaces.
The funding for the loan guarantees comes from the Jubilee Investment Fund that is made up of three and five year investment certificates purchased by individuals, faith groups and organizations. These investments are pooled together and are used as collateral to guarantee loans which would fall outside of traditional financial limits. The funds are managed through Assiniboine Credit Union. Donations are also necessary to allow the Jubilee Fund to continue its work assisting people.
In addition, the Fund holds an Annual Art & Antique Auction. The Jubilee Fund Inc. will hold its Eighth Annual Art and Antique Auction Tuesday, October 23, 2012 at the Canad Inns Polo Park, 1405 St. Matthews Avenue in Winnipeg. Registration, viewing and silent auction will be held from 5:30 p.m., with the live auction beginning at 7:00 p.m.
Approximately 70 paintings, antiques, soapstone carvings and home décor items donated by local artists, the business community and individuals will be sold at the live auction. Another 40 paintings, collector items, gift baskets, gift certificates and other fine items will be sold through the silent auction or can be won at the draw basket table. There is a wide variety of art pieces being sold that will suit every taste and budget. Two paintings will be drawn as door prizes. Bids will be received online until October 21st at midnight. To view the art and bid go to www.jubileefund.ca/auction.php For more information telephone 204-589-5001.
Assiniboine Credit Union, CIBC Wood Gundy and Coughlin Insurance are the Major Sponsors of the event.
The Jubilee Fund Inc. is a registered charity, non-profit, community-based loan fund that uses community economic development principles for its programming. The Fund seeks to raise awareness and reduce poverty by bringing together resources to support social /community projects (including non-profit daycares, Aboriginal Youth at-Risk Programs, employment training), affordable housing and small business projects (mainly worker co-ops) to assist low-income people and neighbourhoods in and around Winnipeg.
The Auction is the premier fund-raiser for the Jubilee Fund.
Since its official launch in 2000, the Jubilee Fund loan guarantees have totalled $2,242,003 which has leveraged $16,329,811 in project developments.
