EVPA members Bonventure and the BMW Foundation have been involved in Germany’s first social impact bond experiment. The Juvat pilot project ‘Eleven Augsburg’ in Germany represents the first social impact bond in continental Europe. It is based on a ‘pay for success’ financing principle of social services. Its pilot education project is called ‘JuMP – Jugendliche mit Perspektive’ (meaning ‘youth with perspective‘).
Four foundations have pre-financed the implementation of the project, which works with young people who have disengaged from education and employment to help them enter training or employment. Apart from EVPA members BonVenture gGmbH and BMW Foundation Herbert Quandt, the BHF-Bank Foundation and Eberhard von Kuenheim Foundation of the BMW AG are involved.
If social impact is achieved, the investments will be repaid with a small interest added.