The Cabinet Office has launched an £80 million Life Chances Fund. The Fund will support local public sector organisations that wish to commission social impact bonds (SIBs) and other payment-by-results contracts to tackle complex social problems.
The fund is intended to match fund local commissioners who want to launch a SIB or similar project, and will typically contribute about 20 per cent of the funding. It aims to increase the number of and scale of Social Impact Bonds (SIBs) in England, as well as making it easier and quicker to set up a SIB. It also aims to increase the amount of capital available to a wider range of voluntary, community and social enterprise (VCSE) sector providers to enable them to compete for public sector contracts.
Applications for proposals focused on children’s services and tackling drug and alcohol dependency are now open, to be followed by the other themes over the next 12 months.
The Fund will run for 9 years (up until March 2025).