ABN AMRO, Het Oranje Fonds, the municipality of Utrecht and the Buzinezzclub will invest 2.1 million euros in the coming year in a Social Impact Bond to reduce youth unemployment in Utrecht.
The Buzinezzclub will use this amount to help 540 young job seekers from benefits to employment, education or entrepreneurship. Van Doorne is committed to further developing social entrepreneurship and has assisted this 4th Social Impact Bond and helped in setting up an appropriate legal structure.
A Social Impact Bond is a funding instrument that enables private parties to invest in social projects. The ABN AMRO Social Impact Fund and the Oranje Fonds provide the Buzinezzclub with working capital. The Buzinezzclub works with the youth. If the Buzinezzclub is successful, this will result in savings on future benefits costs. The municipality pays the investors back from these savings. The Buzinezzclub mentors young people who are at a great distance from the labour market. These young people often have great dreams, little support, no education or employment, but (significant) debts. The intervention of the Buzinezzclub consists of a combination of training, work experience placements and mentoring.
Van Doorne is familiar with the challenges facing a social enterprise and is involved in many initiatives in this area. In the past period, Van Doorne has advised, in addition to ABN AMRO, various social enterprises, (impact) investors and subsidy providers on their activities in the area of social entrepreneurship. Van Doorne has bundled its expertise in a team of lawyers, tax consultants and notaries from various disciplines who have specialised in Social Entrepreneurship.
Do you have questions about this topic? Please contact Sjoerd Kamerbeek.