DWP Innovation Fund backs social impact bond

Tridos Bank and Greater Merseyside Connexions Partnership have won an Innovation Fund contract worth £4.5 million, commissioned by the Department for Work and Pensions. This was announced on 24 January 2012. The Innovation Fund is a payment-by-results initiative to encourage financial intermediaries and private sector investors to work with social service delivery organisations in to improve young people's employment outcomes. 

Tridos Bank and Greater Merseyside Connexions Partnership are running a project called New Horizons to educate, train and support young people into employment. Three-thousand-and-nine-hundred young people, including ex-offenders, those with learning difficulties and those leaving care, are to be involved in the project.

For more information visit the Civil Society Finance website.