The Life Chances Fund
The Life Chances Fund (LCF) is an £80 million fund, which aims to help those people in society who face the most significant barriers to leading happy and productive lives. The Fund forms part of the Prime Minister’s Life Chances Strategy and is intended to run up to March 2025.
The overall objective of the Life Chances Fund aims to meet its objectives by:
• Increasing the number and scale of Social Impact Bonds (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 a wider range of 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.
The Government has committed the £80 million in funding to contribute to outcome payments for payments by results (PbR) contracts which involve socially minded investors – ie towards Social Impact Bonds (SIBs). These contracts must be locally commissioned and aim to tackle complex social problems.
The LCF will invite applications for 12 months after each of a number of thematic call outs, with final funding decisions taking place by July 2018. Up to £30 million funding is available for SIBs tackling the first theme of drug and alcohol dependency – eg early diagnosis and treatment. The second theme is children’s services – eg reducing time spent in residential care, preventing entry into care. Future themes will tackle young people; early years; healthy lives; and older people’s services.
The deadline for applications is 30 September 2016.