The Life Chances Fund (LCF) seeks applications from local commissioners, service providers and intermediaries who seek to use Social Impact Bonds (SIB) to tackle complex social problems that affect children and young people. The £80m Fund was launched in July 2016 with the objective of helping people in society who face the most significant barriers to leading happy and productive lives. The fund contributes to outcome payments for Social Impact Bonds. Expression of interest for funding from the Life Chances Fund for Early Years and Young People are due by 31 March 2017. The themes of Healthy Lives and Older People’s Services will be open to applications in June 2017. On 31 March, the Give Us A Chance Consortium (GUAC) is holding a webinar where Nina Zuendorf, a Policy Advisor at the DCMS Centre for Social Impact Bonds, will provide information about LCF and also what Social Impact Bonds are, how they work – and also how they are targeted at achieving outcomes.
Early Years Social Action Fund and Savers Support Fund
In February, the Office for Civil Society launched two new innovative Social Action funds worth £2 million, with Nesta. Eligible projects are invited to submit a short expression of interest (EOI) by 29 March. Details of the funds are below:
- Early Years Social Action Fund – to support early years development for children under 5. The Early Years Fund will support parents in helping young children reach important developmental milestones and have the best possible start in life.
- Savers Support Fund – to improve the public’s money management skills. The Savers Support Social Action Fund will help young people and families who are just about managing take better charge of their finances and work towards becoming debt free. This will help people across the UK who have little in savings to help them cope with the unexpected financial shocks in life, those who owe money, and those who struggle to manage their finances.