In September 2013, the Province of Ontario, through their Social Enterprise Strategy for Ontario committed to pilot one or more Social Impact Bonds by working closely with innovative social service providers, impact investors, and other interested partners.
On March 18, 2014 the Ministry of Economic Development, Trade and Employment launched a Call for Social Impact Bond ideas. The Ministry is seeking innovative, prevention-oriented solutions that address one or more of the following high-priority social policy challenges facing Ontario families:
- Youth-at-risk; and,
- Improving employment opportunities for persons facing barriers
Later in the Spring of 2014, the Ministry will be hosting focused Social Impact Bond design workshops to engage directly with individuals and organizations on the ideas they have submitted, and help identify those ideas that have the highest potential to be piloted. The Ministry is committed to working in partnership with proponents to advance the most promising ideas.
Upon completion of the workshop phase, a handful of high-potential SIB ideas will be selected to proceed to the second stage. This second stage involves detailed business case development, financial modeling and testing. The Ministry will make available expert service providers to assist proponents with this process.
Please follow this link for further information, and for an explanation of how to submit a Social Impact Bond idea: ontario.ca/socialimpactbonds.
Ideas are due by May 2, 2014.
Background: A ‘social impact bond’ is a financial instrument that raises private capital, and links financial returns to the achievement of a social outcome. While offering the potential of accessing new sources of capital for social programs, It is a model that has raised concerns about the financialization and privatization of social services. Find out more >>