26 September 2013
Today we are launching the support services for local commissioners interested in Social Impact Bonds (SIB). This service is being funded by the Big Lottery Fund. This is great news for commissioners who want to move forward with their ideas but don’t where to start! So what are we actually doing?
Firstly, we are going around England and talking to as many commissioners as we can about how to put a Social Impact Bond together. We will offer workshops – general and more specific – and we will put out guides, podcasts, webinars and interactive tools to get the word out.
Secondly, for those with a more defined but still early stage SIB proposal, we will provide feedback and support so that you can fill in an Expression of Interest (EOI) form to the Big Lottery Fund and Cabinet Office’s Outcomes Funds. There is now a single point of entry for both funds.
And lastly, for those who receive a positive response at the EOI stage , we will help identify what the next steps are, including providing a list of organisations, like but not just Social Finance, who can help you move forward.
This is part of a package the Big Lottery Fund has put together to stimulate the Social Impact Bond market through their £40m Commissioning Better Outcomes fund, which also includes £3m of development funding. It also complements the Cabinet Office’s £20m Social Outcomes Fund.
If you are not commissioner, but part of the Voluntary, Community and Social Enterprise sector or an investor we’d still love to hear from you. You are very welcome to come along to our workshops and engage with the service. And if you are a SIB intermediary, please get in touch so that we can add your name to the list of service organisations we are compiling.
We at Social Finance and the Local Government Association are really excited about this project, so please get in touch if you would like to hear more: firstname.lastname@example.org or visit our website http://www.socialfinance.org.uk/sioutcomesfunds
Sarah Henderson, Service Manager, Commissioning Better Outcomes Fund Support