Worcestershire County Council and Worcestershire’s three Clinical Commissioning Groups (CCGs) have awarded the country’s first Social Impact Bond to help 3000 older people overcome loneliness in the county – to Reconnections Ltd.
The Reconnections Social Impact Bond service will be delivered by Age UK Herefordshire and Worcestershire, together with local voluntary and community organisations. The contract was let in May and the service will be fully operational in August.
Social Impact Bonds (SIBs) are payment-by-results programmes. Through a Social Impact Bond, social investors cover the upfront costs for social enterprises and charities to deliver new and exciting programmes to address the needs of vulnerable groups. The investors in the Reconnections Social Impact Bond– Big Society Capital and Nesta Impact Investments – only receive a return on their investment if the programme achieves agreed positive outcomes. The Reconnections Social Impact Bond will be managed by Social Finance.
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