ONE is funded by social investment raised through a Social Impact Bond.
The world's first Social Impact Bond (SIB) was developed by Social Finance and announced by then Justice Secretary Jack Straw in September 2010. A SIB raises private investment to pay for services, which are delivered by social sector providers with a proven track record. Financial returns to investors are funded by the Ministry of Justice and are based on improved social outcomes. If outcomes do not improve, then investors will receive no recompense. A SIB is an innovative way to bring new money into the social sector
The Social Impact Bond in Peterborough funds organisations working to reduce the re-offending rates of short sentence male prisoners leaving Peterborough Prison. £5m has been raised from investors which is new money into the sector.
For more information visit Social Finance