New $33m Social Impact Funding in Victoria

As we foreshadowed in our recent newsletter to you, the Victorian Dept of Treasury & Finance is now underway with its Partnerships Addressing Disadvantage (PAD) funding program. The PAD program was announced in this year's State Budget. A few key points:

• There is up to $33 million in funding;
• It is outcomes-based - that means that service organisations will be funded on the basis of longer-term outcomes achieved, not on inputs, outputs or program activities;
• The policy area of focus is on those who have had interactions with the justice and the homelessness systems; 
• The funding is designed for intensive, wrap-around/integrated services for complex cohorts of service users, typically for multiple years of support.

PADs are highly-technical in many respects and so we encourage you to respond to DTF's 'Statement of Intent' process as detailed below.

As you consider your own programs, have a look at 5 elements that are key to social impact bonds.
You may also be interested in an article about what you need to be successful in developing a social impact bond.

Key information and next stepsThe Government is seeking feedback on this new PAD through a Statement of Intent which can be accessed on the DTF website: website link
 
The Statement of Intent will be open for feedback until 5pm Monday 22 November 2021.
 
The Statement of Intent:

• seeks to gauge market interest in the new PAD;
• seeks views from the sector on barriers to participation and issues of uncertainty or ambiguity, which will assist in informing the Request for Proposal documentation; and
• provides guidance to potential respondents on how to prepare an application once the Request for Proposal is released.

Participation in this "market sounding" process is completely voluntary and will not inform the evaluation of proposals.
 
Two information sessions will also be provided to take interested parties through the Statement of Intent and receive sector feedback. These information sessions will cover the same material and will be hosted on 10 November 2021 and 15 November 2021. Recordings of the sessions will be placed on the DTF website.
 
If you are interested in attending a session, please RSVP through here:

• Registration link for Wednesday 10 November 2021 information session at 10am – 11:30am
• Registration link for Monday 15 November 2021 information session at 11am – 12:30pm