Third Sector Receives $1.9 Million PFS Grant From the Social Innovation Fund
Funding will support competition to develop the capacity of state and local governments to engage in Pay for Success contracts
The Corporation for National and Community Service's (CNCS) Social Innovation Fund (SIF) today announced a $1.9 million grant award to Third Sector Capital Partners, Inc. to accelerate the Pay for Success field. Third Sector will use the funding to hold an open competition for state and local governments to receive Pay for Success (PFS) technical advisory services.
"We are honored to receive SIF funding to continue to drive America's investment in a performance-driven social sector," said Caroline Whistler, Co-Founder and Partner at Third Sector. "This grant is an opportunity to expand the Pay for Success ecosystem and to develop the capacity for governments across the country to align scarce resources with results for communities in need."
Third Sector and its partners will hold an informational webinar on Friday, October 24th, 2014 at 3:00 PM EST. Members of Third Sector's staff and project partners will present more specific information about the competition and discuss eligibility criteria for participating to receive PFS feasibility services.
Third Sector is excited to partner with leading national organizations whose resources and insights will be brought to bear in building the knowledge base necessary to scale PFS Social Impact Financing nationally.
Abt Associates will provide evaluation and programmatic experts who will work alongside Third Sector staff in delivering Technical Assistance, thus not only benefitting the Sub-Recipients, but also building other partners' capacity to bring PFS expertise to their much wider audience of governmental leaders and the hundreds of federal grantees who receive Technical Assistance on evaluation and evidence-based practice.
In addition, National Governors Association (NGA), National League of Cities (NLC), National Association of Counties (NACo), and America Forward (an initiative of New Profit, inc.) will educate their constituencies about the benefits of PFS and the opportunities presented by the SIF PFS project. They bring a cadre of experts in governmental structure and the SIF priority program issue areas to assist in providing high quality technical assistance.
Social Innovation Fund
The Social Innovation Fund (SIF), a key White House initiative and program of the Corporation for National and Community Service (CNCS), combines public and private resources to grow the impact of innovative, community-based solutions that have compelling evidence of improving the lives of people in low-income communities throughout the United States.