New programme to improve employability of region\'s young vulnerable
New programme to improve employability of region's young vulnerable
Local Solutions is to work with Triodos Bank and Greater Merseyside Connexions Partnership (GMCP) to deliver an innovative three year programme called New Horizons targeted at some of the most vulnerable young people in the Merseyside area.
The programme aims to improve educational, training and ultimately employment outcomes for 3,900 young people, many of whom will be young offenders, have learning disabilities, or be in or leaving care. A blend of interventions including one-to-one coaching aimed at improving ‘mental toughness’ and resilience in individuals will be used so that they can self-sustain their own development and progression into suitable employment.
The Innovation Fund is a newly launched DWP initiative aimed at encouraging social service delivery organisations, financial intermediaries and private sector investors to work together to design and finance programmes which can help improve employment outcomes for the most vulnerable young people in society.
Triodos Bank’s corporate finance team acted as lead adviser on the deal and in partnership with GMCP raised £2 million of funding for the programme in the form of a Social Impact Bond from a syndicate of leading UK social investors, including Big Society Investment Fund.
GMCP, who are a leading and long-standing social delivery organisation in Merseyside designed the New Horizons concept and will be in charge of delivering the programme on the ground in partnership with a small group of other local service providers. Triodos will retain a role in the financial management of the three year scheme on behalf of investors.
New Horizons is set to begin in April 2012.