< This story has been amended; see final paragraph
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.
At the time it was expected that 20 per cent of the payments made through the scheme would come from central government, with the rest provided by local government, and go through SIBs, which make payments to social investors if the projects they have funded meet certain criteria upon completion.
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.
< This story has been amended to make it clearer about how the Life Chances Fund will be financed.