Impact Bond: The Skill Mill
Also known as: Skill Mill Young Offenders
Stage of development: Implementation
Policy sector: Criminal justice
Social challenge: Skill Mill Ltd provides employment opportunities for young ex-offenders, preparing them to long term sustainable employment, reducing re-offending and increasing community safety.
Intervention: Skill Mill service centres around provision of employment; the young ex-offenders are offered 9 to 5 paid employment four days a week and encouraged to acquire a Level 2 qualification. In addition, participants are supported through mentoring given by both the supervisor on a day to day basis and more in-depth support from a dedicated guidance counsellor.
Primary SDG goal: 4
Secondary SDG goals: 8
Date outcomes contract signed: 2020-06
Date contracts between all parties signed: 2020-08
Start of service provision: 2020-08
Anticipated end of service provision: 2024-11
Anticipated completion date: 2024-09
Total investment commitment currency: GBP
Total investment commitment: 1000000
Total investment commitment (USD): 1321900
Maximum potential outcome payment: 3241776 GBP
Maximum potential loss: 1
Maximum potential return type: Principal + positive net financial
returns
Maximum potential return: 0.11
Configuration of the contracting parties: Managed structure: SPV managed by intermediary
Total funds invested (latest): 1000000 GBP
Total funds invested as of: 2020-08
Target internal rate of return: 0.11
Latest internal rate of return: 0.11
Internal rate of return date: 2020-08
Target population: High risk ex-offenders aged 16-18
Targeted number of service users or beneficiaries: 252
Targeted unit type: Individual