Some are surprised because when the blob saw PFS the change was slow to happen (as opposed to those times where government is wondrous, dynamic and speedy, like, er, er, er, hold on…just give me some time, I’ll think of something… ).
Change takes time, government change takes a lot more time – here are some hurdles being encountered in Canada:
Documents Show Federal Push On Social Finance Projects Faces Multiple Hurdles
680news
It was supposed to be a panacea for governments looking to cut costs, put more money into social programming and improve the essential skills of Canadian workers.
And it sounded good: social financing, a concept that the previous Conservative government pushed hard during its last four years in office and the current Liberal government is dedicated to making an integral part of the federal landscape.
The idea was to persuade private investors to underwrite or help finance social programs such as job skills training, but so far, the federal government’s foray into the world of social finance has been short of glowing.
Internal reports — some obtained by The Canadian Press under the Access to Information Act, others provided by Employment and Social Development Canada — paint a picture of limited investor interest, little improvement in outcomes, regulatory hurdles for those involved, and a federal funding apparatus that isn’t designed to handle community-funding models to tackle complex social issues.
Above all, the government has learned it is easier to talk about social financing and social impact bonds than it is to put into practice.
“Progress has been slow, ultimately, because this is a new way of thinking for government,” said Adam Jagelewski, director of the MaRS Centre for Impact Investing.