Fund title: Life Chances Fund
Focus of fund/fund aims:
Contributions to top up Social Impact Bonds (payment-by-results contracts) set up to tackle complex social problems
EoIs by 15 September 2017
The Life Chances Fund (LCF) is an £80 million top-up fund, whose objective is to help those people in society who face the most significant barriers to leading happy and productive lives.
The aim is to encourage the establishment of Social Impact Bonds – these are ‘payment by results’ mechanisms and involve a commissioner who selects a provider to deliver a service in order to achieve agreed social outcomes. Rather than the commissioner making a direct payment to the service provider, a social investor provides the up-front funding and then re-coups the money from the commissioner once the outcomes are achieved, making a return on their investment.
The Life Chances Fund will provide a ‘top-up’ towards this kind of payment – this could be up to 20% depending on the extent of public-sector savings. There is also development funding for getting technical advice on setting up a Social Impact Bond and small amount towards project management costs.
The Life Chances Fund is now open for Expressions of Interest (EOIs) in the themes of:
- Older People’s Services
- Healthy Lives
- Young People
- Early Years
- Drug and Alcohol Dependency
- Children’s Services
The contracts must be locally commissioned and aim to tackle complex social problems.
Anyone with a SIB proposal can apply for funding eg. VCS organisation or social investment intermediary, however they must have agreement from a local commissioner to pay for the majority of the outcomes and be able to evidence this.
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