At VCIB, we define ourselves by our actions rather than our words. As we pass the halfway mark of 2021, we’d like to share some news about the products, projects, and partnerships that have defined our impact so far.
Social Purpose Real Estate
Real estate financing can be a powerful tool for change. This year, our social purpose real estate team has been focused on forming strong partnerships to finance a wide range of affordability projects across the housing spectrum. One of these partnerships was with Habitat for Humanity Canada. To support Habitat’s innovative home ownership model, VCIB delivered a $30 million credit facility to finance the construction of up to 414 units of affordable housing over the next three years.
Similarly, with the goal of protecting Parkdale’s affordable rental stock, VCIB launched the Preserve and Protect Program last year. Through this program, we were proud to announce in April that the Parkdale Neighborhood Land Trust (PNLT) was able to secure 36 more units of at-risk affordable housing. With this acquisition, the land trust has grown its community ownership in the area from 15 to 51 units of affordable rental housing – equivalent to a 240% increase.
But that’s not all for Parkdale. In March, VCIB also partnered with Parkdale United Church Foundation (PUCF) to provide a $1.75M mortgage for the purchase of a neighboring building at 1337 King Street West. This building will be used by PUCF as the future site of 80 affordable housing units.
VCIB is dedicated to building a sustainable economy by serving the small-to-mid size renewable energy market. Earlier this year, VCIB was proud to finance the world’s largest wastewater energy transfer project, operated by Noventa Energy Partners. This $38 million project, funded in part by the Government of Canada and financed by VCIB, will produce enough thermal energy to supply 90% of Toronto Western Hospital’s heating and cooling needs. This is one of the first projects of this scale to use raw municipal wastewater from a sewer, which serves as a testament to how challenging convention and reimagining energy sources can create a more sustainable future.
VCIB’s clean energy team also financed the bank’s first behind-the-meter battery energy storage projects – developed by Stem, Inc. These Ontario-based projects are some of the first to benefit from made-in-Canada bank financing—an important step for the energy storage market! These projects will be responsible for reducing up to 57 tons of CO2 emissions over a 10-year lifespan, and more importantly, will contribute to a resilient and low carbon electricity grid.
To help accelerate the growth of Canada’s solar industry, our team of clean energy experts launched a Commercial Solar Financing Program in May. This program is the country’s first solar-oriented loan program that allows commercial building owners to self-generate solar energy from projects on their properties. For installers, VCIB created a Solar Installer Partner Program, which launched in June with fifteen top tier installers from coast to coast.
VCIB’s financing extends across all impact categories
In 2021, VCIB continued to increase its range of impact by financing a vast array of values-driven projects and women-led organizations. One of these organizations is the FAN/JOY Culinary and Counselling Center, which provides innovative mental health programs for transitional youth and their families. VCIB supported Pam Fanjoy’s expansion plan by providing a $300,000 loan for mortgage refinancing and a $50,000 line of credit to assist with ongoing working capital requirements.
VCIB is also proud to support Voran Group Ventures, a woman-led organization that is shaking the pandemic with innovative Canadian-made cleaning products. Voran Group Ventures’ patented solution kills 99.99% of bacteria, viruses and fungi, and creates a hygienic surface that prevents the growth of bacteria, mold, and mildew. In February, VCIB procured an operating line of credit to provide working capital and inventory financing for growth.
Another change-maker that VCIB was proud to suppor this year is HelpSeeker. Founded by Alina Turner and her husband, Travis Turner, HelpSeeker is a social technology B Corp that helps people access services and resources to deal with complex and intersected social issues like addictions, homelessness, mental health, safety, and violence. To support the organization’s fast growth and high demand for its services, VCIB provided a $500,000 line of credit for growth, research, and development.
Learn more about VCIB’s impact financing in our Business Banking page. If interested in chatting with VCIB about your financing needs, .