Life Chances Fund Webinar. 31 st March, 2017 Nina Zuendorf

Transcription

1 Life Chances Fund Webinar 31 st March, 2017 Nina Zuendorf

2 Summary - What is a Social Impact Bond (SIB) - The Life Chances Fund - LCF Timeline - Application process - Expression of Interest - Development Grants - Full Application - Digital platform - Live Q&A

3 Social Impact Bonds A Social Impact Bond (SIB) is a way to finance an outcomes-based contract to deliver public services. In an outcomes-based contract, the commissioner establishes measurable outcomes the project should achieve to tackle a social issue and selects a service provider to deliver the service to achieve those outcomes. This becomes a SIB if a social investor provides the up-front funding required to deliver the service. The commissioner pays only for outcomes that are achieved and the investor is paid back over,me. Individuals face challenges that nega,vely impact their lives and incur cost to society and government Commissioners define and agree to pay for improved outcomes for individuals A charity or social enterprise develops a service to support the individuals to achieve predefined outcomes. A social investor helps finance the project by providing working capital to the service provider

4 1 The Life Chances Fund The Life Chances Fund is an 80m fund to provide top up funding for payment-by-results contracts for locally developed projects. The fund is structured around 6 key themes: drug and alcohol dependency children s services early years young people older people s services healthy lives

5 2 - LCF timeline

6 2 - LCF timeline Deadlines - Healthy Lives & Older People s Services: - Themes open in June Deadline for Expression of Interest: 31st July, EOIs reviews: August - Deadline for Full application: 30th April, 2018

7 3 - Application process There is a two-stage application process for the Life Chances Fund. 1. Expression of interest when a call out is issued for a theme, you need to submit an expression of interest form for consideration. You can also submit an optional development form to apply for funding support to take your project forward. 2. Full application if your project is successful at the expression of interest stage, you then need to submit a full application form.

8 4 - Expression of Interest form - The Expression of Interest (EOI) form is the first stage in the application process - It ensures that you are clear about what it is you are applying for, how realistic your proposal is and that you meet the criteria for applying to the Life Chances Fund - You will be asked to provide information on your organisation, the project, intended outcomes, stakeholder engagement, commissioners and previous applications for funding

9 5 - Development grants Will any addi>onal funding be available for developing my project? - Addi,onal funding is available for applicants requiring financial support to further develop their proposal - Funding only available to procure specific pieces of technical advice - Amount per applicant around 30,000 - Successful applicants are expected to match fund any contribu,ons they receive through LCF - Not meant to pay for ac,vi,es by an organisa,on that may then invest in the resul,ng proposi,on, either directly or via a fund they manage

10 6 - Full application - Once the development process is over you will need to submit a full applica,on that sets out the full proposal and the amount of outcome funding sought from the LCF. - It will capture more specific informa,on regarding the proposal especially around: - Social issue(s) and service users - Interven>ons - Outcomes and metrics - evalua>on. - The full applica,ons will be reviewed by an expert panel who will make recommenda,ons to the Minister for Civil Society in selec,ng which proposals to support.

11 7 - Digital platform An online service is be available at to: complete an expression of interest form complete a development form You will also be able to use this service to : complete a full application form (from spring 2017) report ongoing progress on your social venture if you have been successful in obtaining funding from the Life Chances Fund

12 8 Any Questions?