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.
The £80 million has been committed by central government to provide contributions to outcome payments for payment-by-results 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.
Objectives
The overall objective of the £80 million LCF is to help those people in society who face the most significant barriers to leading happy and productive lives. It will do this by:
- 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
Deadline
31 July 2017
How to apply
There is a 2-stage application process: firstly only expressions of interest are to be submitted and successful applicants in the first stage will be invited to submit a full application.
For further information and to apply please click here.