Deric Smith Email & Phone Number

Loans to community-owned social enterprises that engage community supporters to improve social care services.Social impactWith funding moving towards a personal budget model, individuals have more choice to manage their own care packages. DERiC will help set up and provide finance to 6-7 community organisations across the US (known as CPCEs), which will pilot providing care users with enhanced support from their local community in meeting their care needs using an innovative model which provides incentives for all parties involved.DERiC will focus on the effect the services are having on the care users who receive the voluntary support, primarily looking at improvements in their quality of life and key medical outcomes. These will be reported using a variety pf social impact tools, including the Outcomes Star. Over time, the overall cost saving will also be measured.Financial rationaleOur loan to DERiC CIC will pilot the effective and innovative use of personal care budgets in 6-7 local areas around the US. DERiC has built a model which will see the loans repaid through the income received by the CPCEs from these individuals’ budgets. The relationship with each of the Local Authorities is also important for providing match funding and/or development resource support in recognition of the benefit that this model will bring to individuals in their communities.Market developmentOur loan to DERiC CIC seeks to develop the social investment market in three key ways. First, to pilot a new model that has the potential to disrupt existing methods of care commissioning. Second, if successful this approach embedded in the community could be replicated quickly elsewhere in the US. Third, it helps to establish a new organisation (DERiC), which offers consultancy and finance to community-based organisations and commissioners.Investment details:Big Society Capital investment: £1,050,000Manager/Arranger: DERiC