Over the next 10 years, the Care and Wellbeing Fund will provide loans and other investment of between £500,000 and £2.4 million to charities and asset-locked social enterprises that are looking to develop or scale up means of solving community problems for people with long term illness.
Big Society Capital and Macmillan Cancer Support, each of whom have contributed £6 million, have established the fund to address the estimated £30 billion funding gap for health and care services which is expected to emerge by 2020. The fund will encourage commissioners and voluntary organisations to focus on delivering better outcomes in health and social care, and will provide the resources needed to make these a reality.
The Fund’s first investment of £350,000 has gone to a new programme in Worcestershire that will tackle loneliness and social isolation. Loneliness is a key determinant of health and wellbeing amongst the older population and is an issue that affects more than one in five (22%) people living with cancer in the UK. The programme will be offered to 3,000 people and will be delivered by Age UK Herefordshire and Worcestershire, together with local voluntary and community organisations.
The fund will be managed by Social Finance, a leading not-for-profit, social investment intermediary, which has mobilised more than £100 million in investment for a range of social issues including homelessness, vulnerable children and youth, offenders and adults with social care needs.
The Health Foundation, an independent charity committed to bringing about better health and health care for people in the UK, is providing development funding to build the pipeline of investment opportunities. Investment decisions will be approved by an independent investment committee with NHS, local authority and financial expertise.
Further details will be available on the Care and Wellbeing Fund website once it goes live, which is expected shortly.
source fundign central 26.11.15