Good news on the grants front for the SIB movement…
BUSINESS WIRE
The Sorenson Impact Center at the University of Utah’s David Eccles School of Business and Social Finance announced today they have been awarded a $5.2M grant-funded budget from the Corporation for National and Community Service’s second Social Innovation Fund’s (SIF) Pay for Success competition.
Governments and nonprofit organizations are exploring “pay for success” financing (PFS), an innovative public-private partnership model that aims to measurably improve the lives of people most in need by driving resources toward better, more effective programs. The Sorenson Impact Center and Social Finance will select governments and social service providers in the western United States to receive funding and technical support to develop PFS projects that expand high-impact social interventions.
LISC Wins Federal Grant To Fuel Pay For Success Implementation
PRNewswire-USNewswire
The Local Initiatives Support Corporation (LISC) has been awarded $1.3 million to implement a program that connects government funding for health, youth and employment services to positive outcomes for people who access them.
Through a new grant from the federal Social Innovation Fund (SIF), a program administered by the Corporation for National and Community Service, a federal agency, LISC will help social service providers design programs, raise private capital and produce the metrics needed to demonstrate results.
Known as Pay for Success (PFS), this model to more efficiently use taxpayer money is being tested around the country. It works by tapping private capital to provide upfront financing for social programs, with the promise that city, state or federal funding will pay back those investors once there is evidence that people have been helped.