January 2, 2018
PROVINCE INVITES IDEAS FOR LANDMARK SOCIAL IMPACT BOND
The Manitoba government is seeking a service provider to deliver its first social impact bond (SIB), Families Minister Scott Fielding announced today.
“Manitoba’s landmark SIB will focus on vulnerable children and youth who are in contact, or at risk of coming into contact, with the child welfare system,” said Fielding. “We want to give service providers the opportunity to submit a concept of what a child welfare-focused social impact bond should look like and how it would help improve outcomes for vulnerable children.”
Under a SIB model, the provincial government partners with a service provider to select a new concept, choose social outcomes on which to focus and set targets for each outcome. One or more investors lend money to cover the program’s costs; if the program achieves its targets, the government repays investors. If the program does not meet its targets, investors may not receive full reimbursement.
In October 2017, the province announced its partnership with Toronto-based MaRS Centre for Impact Investing, a national and international provider of technical assistance related to SIBs. MaRS will assist the province in the design and implementation of a made-in-Manitoba SIB by collaborating with government, a social service provider and investors.
“We are excited to use this new tool to support innovative solutions to complex social problems,” said Fielding. “We are working to harness the creativity and expertise of local change makers and social sector innovators, while fostering community partnerships and mobilizing investment from the private and non-for-profit sectors.”
The service provider must be a legal entity that operates in Manitoba and serves children and families that are in contact, or at risk of being in contact, with the child welfare system. The successful concept will be selected based on factors such as the applicant’s background and familiarity with Child and Family Services, capacity to deliver a SIB and strong evidence behind the proposed outcomes.
The service provider will work with the Manitoba government and MaRS to develop the concept and evaluation criteria, deliver the program and report on outcomes, the minister said.
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Published at Tue, 02 Jan 2018 14:16:00 -0500