The Life Chances Fund provides payment-by-results contracts for locally developed projects by socially minded investors.
This £80 million government fund will contribute to outcome payments for locally developed and commissioned Social Impact Bonds (SIBs) projects, in England. The fund aims to encourage social impact bonds that support early action to improve people’s quality of life and reduce the burden on public services, by tackling complex social problems. Development grants will be available to support commissioners in the design of the contract.
The Life Chances Fund is now open for Expressions of Interest in the themes of
- Older People’s Services
- Healthy Lives
- Young People
- Early Years
- Drug and Alcohol Dependency
- Children’s Services
Expressions of Interest for these themes are due by 15 September 2017.
Social Impact Bonds
Social Impact Bonds (SIBs) represent a significant opportunity to reform public services, improve social outcomes and create savings for the taxpayer. To support the growth of this market, government is contributing £80 million to a Life Chances Fund, which will support locally developed projects.