Social Impact Bonds: A Social Impact Investment Approach to Facilitating Community Development
Carbone, Jason T.
McMillin, Stephen Edward
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Community development is a field of practice that encompasses many disciplines and has special resonance for social work. Although the definition of the term community development is not consistent throughout the literature, this article proposes a definition that broadly conceptualizes the term as the synthesis of solidarity, agency, and community well-being. The role of social indicators to measure the impact of community development initiatives is discussed. Social impact bonds, a form of social impact investing, are presented as a tool to encourage a more holistic approach to community development. This is achieved by moving beyond individual program output measures and focusing on community-level outcomes. The limitations of social impact bonds are also discussed as is their relevance within the larger social work context.
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