“The social innovation model is a unique way to invest in our community priorities without dipping into the pockets of Illinois residents,” said Governor Quinn. “Illinois is one of two states to pioneer this creative program that will tackle major social problems and strengthen our communities.”
Moving forward, the Harvard Kennedy School’s Social Impact Bond Technical Assistance Lab (SIB Lab), with support from the Rockefeller Foundation, will receive a $275,000 grant from Illinois-based Dunham Fund to establish the program.
SIB Lab will begin assisting Illinois in issuing a Request for Information to explore potential social impact bond initiatives in targeted policy areas.
“The Rockefeller Foundation supported social impact bonds from their beginning in Peterborough in the UK and helped to build the infrastructure and ecosystem in the United States,” said Judith Rodin, President of The Rockefeller Foundation.
“By bringing in financing from private and philanthropic sources for demonstrated social interventions, social impact bonds offer a win-win-win proposition for governments that can provide well-proven interventions without using tax dollars, for local organizations that can take their programs to scale, and for investors that can get both a social and financial return.”
To date, the Rockefeller Foundation has put $40 million to invent and promote social impact bonds around the world.
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