Channeling investment into the citizen sector

ASHOKA FELLOW, TORONTO, ONTARIO, CANADA

Aaron Pereira is pioneering Canada’s only national financial institution dedicated to serving citizen sector organizations (CSO). CSOs are integral to the Canadian economy - employing over 1 million people and comprising 9%of the GDP - but are largely denied access to the credit and advisory services essential to their fiscal growth. His project, Vartana, will target this problem by providing the resources that CSOs currently lack: savings accounts, credit, investments, and financial advice. The financial institution will be governed by CSOs themselves, with investments from a variety of stakeholders, and yields that are reinvested with tax benefits to sustain a sound financial base.

Aaron plans to open the Bank's doors in mid 2007. He has collaborated across sectors, with banks presidents, law firms, business schools, and foundation leaders, and in 2004, his initiative was endorsed in the 2004 Federal Budget. Aaron’s primary goal is to build personal relationships between CSOs and their financial advisors. These advisors focus on understanding a CSO's financial needs and social objectives - and then tailor the financial institution's services to meet them. Financial services will be accessible at local branches, via the internet and by telephone.

Aaron is laying the foundation of an infrastructure that will sustain CSOs, and changing the system of investing in citizen sector organizations.

Speech Topics

• Social Financial Services
• Youth, Social Entrepreneruship and Innovation
• Cross-sector Collaboration