DCMS invites applications for share of £80m Life Chances Fund

About 20 per cent of payments made under the scheme, to help people who face significant barriers to leading happy lives, will be in the form of social impact bonds

The government is inviting applications for its £80m Life Chances Fund, which will provide top-up payments for social impact bonds.

The scheme, which is being administered by the Big Lottery Fund, will support projects that "help those people in society who face the most significant barriers to leading happy and productive lives", according to an announcement from the Department for Culture, Media and Sport.

It is expected that about 20 per cent of the payments made under the scheme will go through social impact bonds, which make payments to social investors if the projects they have funded meet certain criteria. The rest will come from local commissioners.

The government said the fund was designed to increase the number and scale of social investment bonds in England, to make it easier to set up social investment bonds and to increase the amount of capital available to voluntary sector providers, enabling them to compete for public services contracts.

Themes to be covered by the fund include drug and alcohol dependency, children’s services and services for older people.

It is the second time the fund has opened for applications, with expressions of interest due by the end of March. A third wave is due to open in June.

For more information on the application process, click here.

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