{"id":303,"date":"2018-12-12T21:14:24","date_gmt":"2018-12-12T21:14:24","guid":{"rendered":"http:\/\/tapestrycapital.ca\/?p=303"},"modified":"2021-02-02T10:30:25","modified_gmt":"2021-02-02T10:30:25","slug":"socialimpactbonds","status":"publish","type":"post","link":"https:\/\/tapestrycapital.ca\/fr\/socialimpactbonds\/","title":{"rendered":"Diff\u00e9renciation entre les obligations communautaires et les obligations \u00e0 impact social"},"content":{"rendered":"

Au cours de la derni\u00e8re d\u00e9cennie, les gouvernements et les organisations \u00e0 but social ont r\u00e9pondu aux besoins croissants en mati\u00e8re de services sociaux et environnementaux en d\u00e9veloppant et en utilisant des outils financiers innovants pour accro\u00eetre la base des actifs communautaires et \u00e9tendre les programmes. Deux outils qui ont fait l'objet d'une attention particuli\u00e8re et qui gagnent en popularit\u00e9 sont les suivants Obligations communautaires<\/strong> et Obligations \u00e0 impact social<\/strong>.<\/p>\n

Chez Tapestry, on nous demande souvent quelle est la diff\u00e9rence entre ces deux outils. Dans cet article, nous allons donc tenter de mettre les choses au clair.<\/p>\n

Les obligations communautaires, par d\u00e9finition, sont un outil de financement par emprunt \u00e9mis par une organisation \u00e0 but non lucratif, une organisation caritative ou une coop\u00e9rative. En termes simples, les obligations communautaires donnent \u00e0 ces organisations la possibilit\u00e9 de contracter des pr\u00eats de diff\u00e9rentes tailles directement aupr\u00e8s de leur communaut\u00e9 de supporters. Les deux parties sont gagnantes : leurs sympathisants re\u00e7oivent des int\u00e9r\u00eats pour avoir investi dans un projet qui leur tient \u00e0 c\u0153ur, et l'organisation \u00e9mettrice a acc\u00e8s au capital dont elle a besoin pour se d\u00e9velopper.<\/p>\n

\"\"<\/p>\n

Afin de pouvoir rembourser leurs investisseurs, les organisations qui \u00e9mettent des obligations communautaires doivent avoir un mod\u00e8le de revenus. Par exemple, une coop\u00e9rative d'artistes peut \u00e9mettre des obligations communautaires pour acheter un b\u00e2timent. Les revenus de la coop\u00e9rative proviendront de l'exploitation d'un magasin, de la location d'un studio \u00e0 ses membres et de la location de son lieu d'\u00e9v\u00e9nements. Cette coop\u00e9rative d'artistes conviendrait bien \u00e0 une \u00e9mission d'obligations communautaires parce qu'elle a un moyen de rembourser ses investisseurs et dispose d'une base solide de supporters gr\u00e2ce \u00e0 ses membres et \u00e0 ses m\u00e9c\u00e8nes.<\/p>\n

Les obligations \u00e0 impact social sont similaires \u00e0 certains \u00e9gards car elles sont \u00e9mises par des organisations caritatives et sans but lucratif ax\u00e9es sur la communaut\u00e9. Elles cr\u00e9ent \u00e9galement des opportunit\u00e9s d'investissement \u00e0 impact pour les personnes qui croient en la mission de l'organisation \u00e9mettrice. La principale diff\u00e9rence r\u00e9side dans le fait que l'organisation \u00e9mettrice a \u00e9tabli un accord avec le gouvernement, en vertu duquel le gouvernement la r\u00e9mun\u00e9ration des performances<\/a>\u00a0<\/em>par l'organisme \u00e0 but non lucratif ou caritatif. Le paiement du gouvernement est li\u00e9 \u00e0 des r\u00e9sultats sociaux ou environnementaux clairs auxquels l'organisation \u00e9mettrice s'est engag\u00e9e. Ce sont ces fonds qui sont utilis\u00e9s pour rembourser les investisseurs. Ainsi, plut\u00f4t que d'investir dans le mod\u00e8le \u00e9conomique d'une entreprise sociale (comme c'est le cas pour les obligations communautaires), les investisseurs dans les SIB investissent dans la capacit\u00e9 de l'organisation \u00e0 atteindre des r\u00e9sultats sociaux ou environnementaux pr\u00e9cis.<\/p>\n

\"\"<\/p>\n

Par exemple, une organisation de services communautaires qui h\u00e9berge et offre une formation professionnelle \u00e0 des jeunes sans-abri pourrait cr\u00e9er un centre d'information sur l'emploi. paiement \u00e0 la performance <\/em>contrat avec le gouvernement dans lequel il s'engage \u00e0 loger et \u00e0 employer 80 jeunes. Cette organisation pourrait ensuite \u00e9mettre une dette sous la forme d'un SIB aupr\u00e8s de sa communaut\u00e9 de supporters. Leurs investisseurs seront rembours\u00e9s \u00e0 la fin du programme, en supposant que l'organisation ait atteint les r\u00e9sultats auxquels elle s'est engag\u00e9e aupr\u00e8s du gouvernement.<\/p>\n

Selon le Minist\u00e8re du d\u00e9veloppement \u00e9conomique, de la cr\u00e9ation d'emplois et du commerce<\/a>Les SIB ne sont pas des obligations \u00e0 proprement parler, puisque le remboursement et le retour sur investissement d\u00e9pendent de la r\u00e9alisation des r\u00e9sultats sociaux souhait\u00e9s ; si les objectifs ne sont pas atteints, les investisseurs ne re\u00e7oivent ni retour ni remboursement du capital. Les SIB tirent leur nom du fait que leurs investisseurs sont g\u00e9n\u00e9ralement ceux qui sont int\u00e9ress\u00e9s non seulement par le rendement financier de leur investissement, mais aussi par son impact social\".<\/a><\/p>\n

O\u00f9 se situent ces outils dans le continuum d'investissement ?<\/strong><\/h2>\n

\"\"Quelles sont les principales caract\u00e9ristiques des obligations communautaires par rapport aux SIB ?<\/h2>\n

\"\"<\/p>\n

En quoi les groupes d'investisseurs diff\u00e8rent-ils ?<\/strong><\/h2>\n

Comme les SIB visent \u00e0 r\u00e9soudre de grands d\u00e9fis sociaux au nom du gouvernement, ces programmes n\u00e9cessitent souvent des injections de capital plus importantes qu'un projet qui pourrait r\u00e9ussir \u00e0 \u00e9mettre des obligations communautaires. Ainsi, les investisseurs cibl\u00e9s par les SIB sont souvent des investisseurs accr\u00e9dit\u00e9s et fortun\u00e9s. D'un autre c\u00f4t\u00e9, les obligations communautaires permettent aux personnes de condition modeste de passer du statut de donateur ou de b\u00e9n\u00e9vole occasionnel \u00e0 celui d'investisseur citoyen.<\/p>","protected":false},"excerpt":{"rendered":"

Au cours de la derni\u00e8re d\u00e9cennie, les gouvernements et les organisations \u00e0 but social ont r\u00e9pondu au besoin croissant de services sociaux et environnementaux en d\u00e9veloppant et en utilisant des outils financiers innovants pour...<\/p>","protected":false},"author":12,"featured_media":310,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"mc4wp_mailchimp_campaign":[],"footnotes":""},"categories":[24,19],"tags":[],"class_list":{"0":"post-303","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-education","8":"category-news"},"yoast_head":"\nDifferentiating Community Bonds and Social Impact Bonds<\/title>\n<meta name=\"description\" content=\"At Tapestry, we're often asked what the difference is between Community 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