Latitude Network congratulates Melbourne City Mission (MCM) on the announcement of its Partnership Addressing Disadvantage (PAD) contract with the Victorian State Government known as the ‘Living Learning’ program.
Latitude Network supported MCM in its initial PAD application and throughout the negotiation with Government, providing advice and technical assistance across service design, financial model, negotiation and data use. We are now working with MCM to develop a live data and performance system set up to help them achieve their outcomes targets.
‘Living Learning’ is a new, targeted program which addresses barriers for young people who are disengaged from school and living with mental illness. MCM developed the program using its expertise in re-engaging with, and supporting, young people through their independent school, the Hester Hornbrook Academy.
As lead advisors to MCM throughout the journey, we are excited to see the program announced and young people able to start entering the program from today.
Latitude Network was also pleased to work with leading Australian social finance experts, Sefa, who provided advice on blended capital structuring options, targeting foundation investors using their corpus and granting arm.
Innovative financing structure: Watch this space
We can’t yet share the details of the innovative financial structure behind Living Learning. Sign up to our newsletter so we can let you know those details as soon as they are available.
At a future date we will also be running a Webinar with Sefa in collaboration with Pro Bono News to talk through the details of the investment structure. Keep an eye out for the invitation.
Key elements of the program
Key program elements include -
See the Victorian Government's Press Release here.
The ‘artist formerly known as a Social Impact Bond’ is back. And with a new name.
The Victorian State Government has just announced its second formal round of outcomes-based funding opportunities. And, regardless of name – these are serious opportunities to co-design fully-funded investments into service interventions that really work to close gaps for cohorts of disadvantaged Victorians.
The Government’s Statement of Intent, issued Friday 29 June 2018, is critical reading. It indicates that the Department of Treasury & Finance wants proposals from those who work in the following policy areas:
Just as with the first round of opportunities that delivered two contracts – one through Sacred Heart Mission and the other through Anglicare/VincentCare, to be considered for this round you’ll need to be well prepared.
The key things you’ll need to cover in your application are listed here: