The investment comes in the form of two cross-government programmes – the Youth Engagement Fund and the Fair Chance Fund – that charities and other organisations can bid for to fund projects designed to help vulnerable 14- to 24-year-olds gain employment.
However, both funds will be delivered through social impact bonds (SIBs), a payment-by-results system, which means the government will only pay out if the initiatives are proved to be successful.
Research published last week by charity umbrella body the National Council for Voluntary Organisations found the amount of working capital required to deliver contracts tendered under payment-by-results made bidding too great a risk for many children's charities.
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