This Year’s Success Next Year’s Foundation

Building the framework for Rise’s ongoing evolution and growth. Impact Report, May 2023 – April 2024

Joint Statement from the CEO and Chair of the Board

Asian woman with headscarf crosses arms and smiles, with a measuring tap draped around her shoulders

We said it in 2022 and 2023; at the risk of sounding like a broken record, we’re going to say it again: This was Rise’s biggest year yet!

Fiscal year 2024 (FY24) was marked by unprecedented achievement. From May 1, 2023, to April 30, 2024, we disbursed 124 loans, engaged 66% more training clients than the previous year, and served more than 1,000 people across all programs nationwide.

We’re incredibly proud of Rise’s impact in FY24, made all the sweeter by what it represents in terms of year-over-year growth. This was the third and final year of our strategic plan, Rise Above, and we’re thrilled to report resounding success! We achieved great strides in each of our strategic directions, deepening our impact, expanding our community and enhancing our sustainability. The investments and achievements of Rise Above, which you’ll read about in this report, have positioned us to take on an even more ambitious growth strategy moving forward.

Reflecting on last year, we’re deeply grateful to our former CEO, Lori Smith, and former Board Chair, Lori Spadorcia, whose collective vision and leadership have shaped Rise’s path. We also owe tremendous gratitude to our clients, volunteers, donors, partners, and staff. Your dedication, collaboration, and passion make our impact possible.

We’re immensely proud of everything Rise has done to arrive at this moment, and we look forward to all that we will accomplish together in 2025 and beyond.

Sincerely,

Philippe Savoy smiling in front of a dark grey background

Philippe Savoy,
Board Chair

Beth Dea smiling in front of a bright blue background

Beth Dea,
Interim CEO & COO

Rise Above: Celebrating Strategy in Action

Rise Above, our first-ever multi-year strategic plan (2021-2024), was completed at the end of FY24 (April 30, 2024). It was an era of unprecedented growth for Rise. We achieved our goal of increasing the breadth and depth of our work to reach more Canadians and facilitate greater impact in their lives. Over the course of the plan, we empowered a larger group of more diverse clients, expanded our national reach, engaged our alumni and volunteers more meaningfully, and strengthened our operational capacity to ensure enduring success.

We made critical advancements across each of our three strategic directions:

Increasing Our Impact

We established Rise as a truly national organization, serving clients in every province in FY24.
We expanded our programs, notably launching the Women+ Entrepreneurship Program, the Rise Business Booster, and French programming.
We more than doubled our client reach (111%) and increased the proportion of racialized clients in our programs by 32%.¹

Building Our Community

We established a Client Success Department that has innovated new means of client engagement and improved our volunteer experience, subsequently increasing our volunteer retention rate by 28%.⁺
We’ve built and grown the Rise Community, an online platform where clients and alumni can network, access peer and volunteer support, and join skill-building events.

Ensuring Our Sustainability

We increased our efficiency, enabling Business Advisors to increase their productivity by 59%.¹
We grew and diversified funding streams, increasing our annual revenue by 40% and growing our donor pipeline by 135%.⁺

We are serving clients in every province and both official languages.

We are growing our reach and diversifying who we serve.

We are building a more efficient, impactful and sustainable Rise.

Snapshot

Rise Above

In FY24, we served 1053 clients across all programs—a 111% increase over our baseline at the beginning of the plan (FY21).

We increased the number of loans disbursed annually by 75%.

The number of clients participating in training programs annually increased by 49%.

We nearly doubled the total value of loans disbursed annually by the plan’s end (94%).

Client Story

4 in 5 clients are more confident making business decisions.*

75% of clients feel a greater sense of purpose.*

Zabrina Dacres

Ancxt | Brampton, ON

Peer Supported Startup Program, Rise Business Booster, Small Business Lending Program

Zabrina Dacres says that growing up, she didn’t have much exposure to entrepreneurs – she didn’t see many in her family or community – yet she always envisioned working for herself. She applied to Rise’s Peer Supported Startup Program (PSSP) hoping to find a network of entrepreneurs to connect with.

“I wanted to take advantage of the chance to learn from seasoned business owners who had the experience I lacked,” she says.

With Rise, Zabrina gained more than a network or training program. Since completing PSSP, she has accessed various Rise supports to help launch and grow her business, Ancxt (pronounced “Ancient”).

Inspired by Zabrina’s own health challenges, Ancxt is a wellness brand offering a natural line of hair and skin care, herbs, and powders derived from Indigenous medicines and healing practices. After developing her business plan in PSSP, she participated in the Rise Business Booster, securing a small loan and six months of coaching and peer support to help bring the plan to life. Zabrina then got a second small loan to build Ancxt further. Most recently, she received a loan and a year of mentorship through the Small Business Lending Program.

“I am very proud of what I have accomplished,” Zabrina says. “Being an entrepreneur has allowed me to understand myself better and push outside my comfort zone … I’ve been able to embrace a new perspective and do what I enjoy while creating the life I want to live.”

Increasing Our Impact

FY24 was a milestone year. We set new records, disbursing 124 loans and engaging 936 training program participants—a 17% and 49% increase over FY23, respectively. And for the first time, we served at least one client from every province. Rise also hit some significant “lifetime” milestones this year, disbursing our 800th loan and surpassing $3.5 million in total loan value.

Central to this success is our commitment to fulfilling diverse client needs. No matter where someone is on their entrepreneurial journey, we aim to meet them with relevant support. For example, we introduced an accelerated Youth Small Business Program (YSBP) model to help time-pressed clients benefit from our training content on their own schedules. We also formalized the Rise Business Booster to give training program graduates an option for small-scale financing with structured support, and we expanded the Women+ Entrepreneurship Program to include French.

Snapshot

FY24 Lending & Training Programs

$525,252 is the total value of FY24 loans

10% of loans where disbursed to previous training clients

Program Highlight

Rise Business Booster

A group of young folks in a office collaborating around a computer.

New Financing and Support to Boost Business

Many Rise training clients graduate from their program ready to take the next step, but the size of that step varies. We developed the Rise Business Booster to help bridge the gap between drafting a business plan and being ready to apply for the Small Business Lending Program. Aimed at early-stage entrepreneurs, Business Booster clients are approved for loans of $500, $750 or $1,000 to finance a specific growth activity. Over six months, they also participate in regular small group learning sessions led by a seasoned business coach. It’s the power of capital, tailored training, one-on-one coaching, and peer support all rolled into one!

We delivered two Rise Business Booster cohorts in FY24, empowering 10 clients from across Canada to advance their entrepreneurial journey.

Client Story

Ena Drakich

Drakia Studios | Kingston, ON

Women+ Entrepreneurship Program & Rise Business Booster

Christina K.

Fruitful Spaces | Greater Vancouver, BC

Youth Small Business Program & Rise Business Booster

Boosting business through coaching & connection

Ena Drakich graduated from college in 2008, just months before the onset of the Global Financial Crisis. She says she struggled to find employment.

“I was applying for jobs but kept being rejected, so I started freelancing.”

Ena started Drakia Studios, a graphic and web design company in Kingston, ON, dedicated to helping small businesses market themselves.

Years later, Christina K. experienced similar challenges in Vancouver, BC. She graduated in 2019, secured her first job, and several months later, the global pandemic hit. Soon after, Christina was laid off, beginning a period of career instability.

“It felt endless,” she says. After losing another job in early 2023, she’d had enough. “Around the same time, I realized I had ADHD, [and] I thought, ‘Self-employment would be no less stable than what I’m going through now.’”

That summer, Christina participated in Rise’s Youth Small Business Program. Six months later, she joined the Rise Business Booster, where she met Ena—a graduate of the Women+ Entrepreneurship Program. In a small client group, and with the support of a business coach, they met monthly from January to June 2024.

Both women credit Rise’s ongoing support for helping them build their business skills. They’ve also benefited from collaborating with like-minded entrepreneurs.

“I identify as neurodivergent; I have Asperger’s and anxiety,” Ena says. “[With Rise], I can connect with people who have similar challenges, and I enjoy sharing ideas with them.”

Similarly for Christina, Rise has provided ongoing mentorship and peer support as she develops her accessible home organization business, Fruitful Spaces.

“Entrepreneurship can be incredibly lonely,” she says. “It’s much easier when you can connect with a community of diverse ideas and experiences.”

83% of clients report business growth.*

80% of clients are more confident taking on new challenges.*

Who Are Rise Clients?

We believe diversity strengthens the entrepreneurial ecosystem, our communities, and Canada’s economy. It makes Rise stronger, too. We are committed to reaching, engaging and empowering individuals of all ages, genders, races, and identities who self-identify with mental health and addiction challenges.

Anyone can build a business. Everyone should have the chance to.

Client Age

An infographic of the typical ages of clients in Rise programs

Rise clients are diverse in age: 18% are aged 16 to 25; 37% are aged 26 to 35; 22% are aged 36 to 45; 15% are aged 46 to 55; and 8% of our clients are aged 56 years and older.

Client Gender

An infographic of the range of genders among clients in Rise programs

The majority of Rise clients – 57.7% – identify as women; 35.7% identify and men; and 6.6% identify as non-binary.

Client Diversity

An infographic about the diversity among clients in Rise programs

Fifty-one percent of Rise clients identify as racialized; 49% identify as non-racialized.

Client Location

A map of Canada with various pins indicating where the Rise Head Office is, Program Locations and Client Reach. Clients described below.

Fifty-seven percent of Rise clients are located in Ontario; 26% are in Western Canada; 6% live in the Prairies; 6% live in Quebec; and 5% are in Atlantic Canada.

Ashley Corbett

Cahier | Halifax, NS

Youth Small Business Program & Rise Business Booster

“I’m so grateful to have found Rise so I could develop my business idea and take small steps towards launching it. As someone who struggles with anxiety, the mental health sensitivity built into Rise’s programs helped me to feel even more confident. I was able to abandon perfectionism and move forward confidently, backed by the support of both my mentors and peers.”

Building Our Community

At Rise, our community is anchored in collaboration. It’s what makes our impact possible. In FY24, building our community meant working with key partners to reach new audiences, share our services and deepen our presence across Canada, especially in Quebéc. It also meant establishing a new Client Success Department to innovate and enhance how we provide ongoing client support and meaningful opportunities to volunteers.

77% of clients are more comfortable in professional settings.*

87% of clients report more personal growth opportunities.*

Partner Highlight

Microcrédit Montréal

To help grow our presence in Quebéc’s entrepreneurial ecosystem, we partnered with Microcrédit Montréal to pilot a joint Small Business Lending Program that ensures Montréalers with mental health and addiction challenges can access the resources to build a business. Microcrédit Montréal manages the joint program with support from a Rise Business Advisor. We also share loan liability – each providing 50% of the funds – and Rise sits on Microcrédit Montréal’s adjudication committee.

Partner Highlight

Women+ Partnerships Nationwide

FY24 marked the first full year of the Women+ Entrepreneurship Program, funded by the Government of Canada’s Women Entrepreneurship Strategy. It also marked our first foray into French programming. We delivered two English and one French women+ program cohorts and exceeded our annual engagement goal.

Our success is thanks, in part, to the collaboration of three impactful new referral partners that helped us to recruit interested, qualified candidates:

Entreprendre Ici | Montréal, QC

Entreprendre Ici supports immigrant entrepreneurs in Québec. It provides resources, networking and coaching opportunities; however, it does not offer training programs. Working together, Entreprendre Ici helped us recruit women+ clients from their networks, in turn creating new training opportunities for the individuals they serve.

Queen's WE-CAN | Kingston, ON

An initiative out of Queen's University, WE-CAN supports existing and aspiring women-identifying entrepreneurs to launch, grow and scale their businesses. By joining forces through the Women+ Entrepreneurship Program, we deepened our regional engagement while WE-CAN added a new program to their menu of supports.

Skills for Change | Toronto, ON

Skills for Change provides newcomers and underserved groups with skills training and employment services to promote equitable communities. Through our partnership, Skills for Change promoted the women+ program to their client base, enabling Rise to engage and educate new audiences on an “alternative” employment option: entrepreneurship.

A New Department Dedicated to Client Success

When clients told us they wanted to access continuous support, ongoing learning and skill-building, we responded with the launch of our new Client Success Department. Tasked with overseeing volunteers, alumni engagement, and community building, our client success team is dedicated to developing innovative, in-depth and enduring new avenues of support to strengthen Rise volunteer and client experiences.

Dynamic new communications to prepare clients for mentorship

In FY24, we developed Getting the Most out of Your Mentorship—a four-part video series designed to help new Small Business Lending Program clients prepare for mentorship. Hosted by long-time Business Advisor Mike Mouradian and our Lending Program Manager Anne Cooper, the series covers topics key to fostering a supportive, productive mentoring partnership.

The Rise Community: A new support platform for all

One aspect of support that clients expressed a need for is community—a place to exchange ideas, seek advice, and abate the loneliness that can often accompany entrepreneurship. So, we launched the Rise Community, a dynamic online platform open to all Rise clients and alumni. In its first year, the Rise Community engaged 389 members, surpassing our goal. Key features of the community include:

Subject Matter Experts: We introduced Subject Matter Experts to the platform—a new form of support that brings on experienced professionals to provide ad hoc advice. These experts held virtual office hours to provide one-on-one support in areas such as marketing, finance, sales, and operations; they also participated in myriad online conversations and events, advising clients within their areas of expertise.
Peer Support: In addition to organic posting and engagement, Rise hosted a bi-weekly peer-to-peer entrepreneurship space where clients could seek advice, share ideas and experiences, and build a sense of community.
Educational Events: In FY24, we hosted 37 events on the Rise Community to help members build their entrepreneurial skills and access relevant learning. More than 120 members joined panel discussions and workshop sessions on topics such as navigating inflation and economic uncertainty, building meaningful connections, product pricing, goal setting for e-commerce, and creating a mental health plan.

A South Asian man with a beard and shaved head, wearing an apron holding an iPad, smiling confidently

Snapshot

The Rise Community in FY24

Casandra London

Her Black Health | Toronto, ON

Peer Supported Startup Program

“The Rise Community is invaluable because it provides an opportunity to discuss, learn, and gain support from people who understand the challenges of running a business … Being part of such a supportive group, including mentors, peers, and staff members, has made a significant impact … The Rise Community is a place where you can breathe easy knowing you're in a safe space to be yourself and share your vision with people who truly understand you."

Adam Dmytriw

Director of Operations, 360 Private Wealth Management | Winnipeg, MB

Subject Matter Expert

“Being a Subject Matter Expert in the Rise Community is exactly the type of role I was hoping for when I first considered getting involved with Rise. I get to help budding entrepreneurs work through challenges and discover solutions … The foundation of my conversations is understanding, compassion, and optimism. No matter what topics we cover or hurdles we aim to overcome, I try to ensure everyone leaves our conversation in a better place than where they started.”

Client Story

Reed Clare

Paleo North Media | Toronto, ON

Small Business Lending Program

Jeff Hermann

Financial Management Consultant | Sault Ste. Marie, ON

Rise Volunteer Mentor

Mentorship, Friendship, Entrepreneurship: A recipe for success

Reed Clare is an actor, producer, and all-around creative. In 2008, after eight years in New York studying and working in theatre and film, Reed moved to Toronto, ON. There, he started a business to take advantage of the opportunities of “Hollywood North.”

Reed built a career making movies, commercials, corporate videos, and more. But then, like it did to so many, COVID-19 derailed his work and life. On top of the pandemic, he entered long-term recovery from a serious automobile accident, resulting in multiple surgeries and health concerns. He has also struggled with addiction. But Reed's never lost his passion. In 2023, he joined the Small Business Lending Program to help reestablish his company, Paleo North Media.

“Rise has been instrumental in helping me stay the course and giving me some structure, support, compassion, camaraderie, and guidance—all of which I get from Jeff,” Reed says.

“Jeff” is Jeff Hermann, a Financial Management Consultant and Rise volunteer mentor based in Sault Ste. Marie, ON. Jeff says he has lived experience with addiction and has had great mentors throughout his career, so volunteering with Rise was “a natural fit.”

“Being an entrepreneur is tough; being an entrepreneur with mental health and addiction challenges is even harder, but it gives you something to focus on, and that's very important in recovery,” he says.

That experience and awareness are invaluable to Reed.

“Jeff has already been through a lot of the struggles that I’m currently navigating, so he's been a great sounding board, and he’s helped give me perspective and confidence.”

It’s a unique and powerful mentorship-turned-friendship rooted in a trust that allows Reed to share his concerns, anxieties, and ideas. In return, Jeff is gratified by Reed’s support and success.

“We’ve never met in person, but Reed has helped me. He always has a jewel of wisdom to impart,” says Jeff. “It’s gratifying on the business side, too, to see the trajectory he's on.”

Currently, Reed is producing a documentary about the Miracle League of Ottawa.

“This project is helping to heal me from my past addictions while making a strong statement about authenticity, acceptance, and resiliency,” says Reed. “I hope it inspires people to take positive steps to better themselves and their communities.”

“I’m extremely proud to be involved with Reed,” says Jeff. “I often tell my friends, ‘Someday you'll be watching Netflix, and you’ll see his work.”

88% of Rise volunteers report a high level of satisfaction.*

76% of clients say their mentor helped them build business resilience.*

Thank You to Our Dedicated & Motivated Board

Thank you to the Rise Board of Directors for its unwavering dedication and support. In fiscal 2024, we welcomed Tom Scheuring as a new member, adding his expertise to an incomparable group whose collective wisdom and experience were our trustworthy guide throughout the year.

Lori Spadorcia, Chair Senior Vice President, Public Affairs, Partnerships, and Chief Strategy Officer, Centre for Addiction and Mental Health (CAMH)

Andrew Macdonald, Chair of the Fundraising Committee Senior Vice President, Mobility & Business Operations, Uber

Boafoa Kwamena, Secretary, Chair of Governance & Nominating Committee,Director, Project Implementation Branch, Ministry of Infrastructure

Nikki Moffat, Director CHRO & EVP Corporate Services, BCE and Bell

Philippe Savoy, Treasurer, Chair of the Finance, Audit & Risk CommitteeVP Corporate Sales Canada, Corpay

Raksha Manaktala Bhayana, Director CEO, Bhayana Family Foundation

Tamara Bahry, Director Tamara Bahry Photography and CEO Bahry Foundation

Tassan Sung, Director Chair, Nicola Wealth Women's LEAD &Community Engagement and Donor Relations Specialist

Tom Little, Director Corporate Director, CPA, ICD.D

Tom Scheuring, Director Managing Director, Global Equity Trading, RBC Capital Market

Ensuring Our Sustainability

In FY24 and our most recent strategic plan, “sustainability” meant building our capacity to support the next phase of growth at Rise. Since 2021, we have doubled our full-time team, adding 10 new staff positions. But it’s increased digital capacity that truly enables our scalability. We have harnessed new processes and technologies to ensure we can handle increasing applications and enrollments without requiring the same increase in staff. For example, it took us five years to disburse our first 100 loans, but we can now achieve that in about eight months.

Fundraising is another key factor in our sustainability. We’ve invested in our development team and made significant strides to grow our donor pipeline. In 2024, we also launched a social finance strategy, introducing an exciting new opportunity for impact investors.

77%of clients feel more prepared to navigate wider-world challenges.*

3 in 4 clients report stable or increased personal income. *

Our Sustainability

Social Finance

A group of diverse folks in business attire shaking hands

Tripling Our Impact by 2030

We continue to evolve our work to ensure that we can reach more Canadians with mental health and addiction challenges when and where they need us. That’s why we’ve set a goal to grow our lending capacity to 300 loans annually by 2030. To finance this growth, we aim to raise $4 million over the next five years. Central to this goal is impact investment.

In FY24, we launched a robust social finance plan to attract $1 million in catalytic first-loss capital and $3 million in repayable impact investment capital. We recycle loan repayments into new loan capital, so as our lending portfolio grows, the pool from which we can finance new loans will too. This is not only a measure of sustainability; it also means every dollar invested can empower multiple entrepreneurs.

To learn more about Rise’s impact investment, contact bdea@risehelps.ca.

Celebrating the Impact & Accomplishments

of Our Clients & Volunteers

The truest evidence of our impact is how it empowers our clients to pursue personal and business success. It’s an impact we cannot initiate without the time and talent of our dedicated volunteers.

We host the Rotman Family Entrepreneurship Awards each year to celebrate our clients’ achievements and our volunteers’ contributions. In 2023, the awards honoured three resilient and inspiring entrepreneurs, a standout volunteer, and a member of the Rise community who is driving change in Canada’s entrepreneurial ecosystem.

James Summers-Gill Rotman Family Entrepreneur of the Year Award

“[As a disabled person] there are so many things that we have the capacity to do; we just need to be given the opportunities … [With Rise] I developed parts of my business plan and my pitch deck and got to present it in front of people.”

Read James’s story

Sylvain Rollin Bell Let’s Talk Start-up Award

“I didn’t know anything about how to build a business, but Rise helped me gain the skills to write a plan. The [Small Business Lending Program] helped me develop what I wanted to do and having a goal to achieve really helped me focus.”

Read Sylvain’s story

Tia Upshaw Dave Richardson Champion Award

“[Rise] is about … believing in individuals when no one else does … To be recognized as a leader in a community of individuals who may look like me, have a history like mine, have [made mistakes] like mine, but who still show up—it means a lot.”

Read Tia’s story

Kendra L. d’Eon Dr. Paul Garfinkel Resilience Award

“The loan I received through Rise … released some of that pressure and stress so I could focus on actually practising law … I feel like I’m a lawyer again. I have the skills and the brain to do this; I just needed the right tools and support.”

Read Kendra’s story

Glorie Averbach Scotiabank Volunteer of the Year Award

“I’m very passionate about entrepreneurship … [and] I’m a big believer in giving back. Working with Rise has made me a better coach. It’s allowed me to connect with people from different walks of life and learn many more layers of business and humanity.”

Read Glorie’s story

To Our Donors, Thank You!

Our work is made possible thanks to the generous support of a community of like-minded funders, partners and donors. Every dollar you give has a meaningful impact in clients' lives.

See Our Donor List

Rise By The Numbers

Rise continues to explore new partnerships and strategies that can enable us to effectively reach and empower more individuals with mental health and addiction challenges across Canada.

See Our FY24 Financials

¹ Indicates a comparison of the FY21 baseline to FY24 annual figures.
⁺ A comparison of FY22 baseline to FY24 annual figures.
* Data is from the 2024 Social Impact Report.