The Early Years theme aims to support children from pre-birth to 5 years-old, who are at risk of poor education and health outcomes. The young people theme focuses on reducing the risk of negative, social, economic and health outcomes amongst disadvantaged young people aged 11-24.
Social Impact Bonds channel investment into interventions to tackle social issues. Investors are then repaid on the basis of specified social outcomes being achieved.
In response to the first application round, launched in July 2016, proposals with a total value of over £100m in outcomes funding successfully passed the initial Expression of Interest phase. As a result, the Life Chances Fund awarded over £760,000 to local commissioners and service providers to develop Social Impact Bonds that combat drug and alcohol dependency and to support children’s services.
Minister for Civil Society Rob Wilson said:
The Life Chances Fund offers a huge opportunity to revolutionise our public services to focus on achieving positive changes for society, and Social Impact Bonds are the start of a shift towards focusing on tangible outcomes and rewarding innovation.
The funding awarded will help transform lives, and the high level of demand shows how many people agree that this scheme has the potential to radically improve the impact of public services. I hope many more continue to come forward with creative proposals in this latest round - to benefit children and young people and help build a society for everyone.
Expression of interest for funding from the Life Chances Fund for Early Years and Young People are due by 31 March 2017. The other themes will be open to applications in June 2017.
The £80m Life Chances Fund was launched in July 2016 with the objective of tackling entrenched social issues and helping those people in society who face the most significant barriers to leading happy and productive lives.
The fund is structured around six key themes: drug and alcohol dependency, children’s services, early years, young people, older people’s services, and healthy lives.