DWP announces £7m social impact bonds to tackle youth unemployment

Finance | Vibeka Mair | 1 Nov 2012

The Department of Work and Pensions has backed more social impact bond projects in its second funding round from its Innovation Fund.

The DWP’s Innovation Fund, which is part of the government’s initiative to find new ways to tackle youth unemployment, has already backed two social impact bonds in its first round of funding.

It has announced this week that it has awarded two contracts worth £7m from the Innovation Fund’s second funding round to two social impact bonds managed by Social Finance.

The social impact bonds will fund interventions to work with around 2,500 vulnerable 14-15 year-olds in the North-West of England. The programmes will be delivered by charities Adviza and Teens and Toddlers.

Investors into the social impact bond include Bridges Ventures, Big Society Capital, Impetus Trust, Esmée Fairbairn Foundation, Caf Venturesome and the Barrow Cadbury Trust. Outcomes payments from the Innovation Fund will be paid over three and a half year.

The DWP contracts have been awarded to Social Investment Partnerships, established by Social Finance and chaired by Richard Johnson, former welfare-to-work manager at Serco.

Directory: Big Society Capital | Bridges Ventures | Esmée Fairbairn Foundation | Impetus Trust | Social Finance

Comments

[Cancel] | Reply to:

Name *

Email *

Organisation

Job Title

Comments *

Verification *

* Please read our Community Standards

Close »

Community Standards

The civilsociety.co.uk community and comments board is intended as a platform for informed and civilised debate.

We hope to encourage a broad range of views, however, there are standards that we expect commentators to uphold. We reserve the right to delete or amend any comments that do not adhere to these standards.

We welcome:

Robust but respectful debate
Strongly held opinions
Intelligent relevant discussion
The sharing of relevant experiences
New participants

We will not publish:

Rude, threatening, offensive, obscene or abusive language, or links to such material
Links to commercial organisations or spam postings. The comments board is not an advertising platform
The posting of contact details for yourself or others
Comments intended for malicious purpose or mindless abuse
Comments purporting to be from another person or organisation under false pretences
Gratuitous criticism, commentary or self-promotion
Any material which breaches copyright or privacy laws, or could be considered libellous
The use of the comments board for the pursuit or extension of personal disputes

Be aware:

Views expressed on the comments board are left at users’ discretion and are in no way views held or supported by Civil Society Media
Comments left by others may not be accurate, do not rely on them as fact
You may be misunderstood - sarcasm and humour can easily be taken out of context, try to be clear

Please:

Enjoy the opportunity to express your opinion and respect the right of others to express theirs
Confine your remarks to issues rather than personalities

Together we can keep our community a polite, respectful and intelligent platform for discussion.