Deadline: 31 July 2017
Applications are open for the Life Chances Fund (LCF) with an aim to help those people in society who face the most significant barriers to leading happy and productive lives. An £80 million fund to provide payment-by-results contracts for locally developed projects by socially minded investors.
The Life Chances Fund will aim for contributions of around 20% of total outcomes payments, with local commissioners paying for the majority of the outcomes payments. However the level of contribution from the LCF will be refined to reflect the balance in savings that are generated for the wider public sector. Where the rate of savings to central government are relatively low and/or the immediate savings to the local commissioner are very high, levels of contribution will be refined to reflect this.
Objectives
- increasing the number and scale of SIBs in England
- making it easier and quicker to set up a SIB
- generating public sector efficiencies by delivering better outcomes and using this to understand how cashable savings are
- increasing social innovation and building a clear evidence base of what works
- increasing the amount of capital available to voluntary, community and social enterprise (VCSE) sector providers to enable them to compete for public sector contracts
- providing better evidence of the effectiveness of the SIB mechanism and the savings that are being accrued
- growing the scale of the social investment market
Funding Information
- 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.
- Based on existing central top-up funds, which have targeted a similar contribution, the LCF could leverage a further £320 million in outcomes payments from local commissioners, creating a total pot of £400 million for outcomes contracts.
How to Apply
Interested applicants must apply online via given website.
Eligible Country: United Kingdom
For more information, please visit Life Chances Fund.