Kent County Council announced it is using the Social Value Exchange to get extra resources into its local VCSE organisations.
Social Value Exchange marketplace tools have to date been used by a number of local authorities and housing associations, including Hackney and Tower Hamlets Councils, Birmingham City Council, Clarion and Hyde Housing. As a result, numerous local community projects across the country have received capacity building resources. At the same time, the Social Value Exchange provides a simple and straightforward process for suppliers to fulfil their Social Value obligations.
The Social Value Exchange is backed by the Community Impact Partnership, an investment group comprising Clarion, Orbit, L&Q and Peabody housing associations. In addition, it has been backed by Europe’s biggest Tech-for-Good VC firm, Bethnal Green Ventures, and by Nesta, the UK’s ‘Innovation Foundation.’
Deputy Leader of Kent County Council, Peter Oakford, said:
“I’m really excited to see what comes out of the Social Value Exchange. Each year the council will have the opportunity to leverage up to £1bn of the Council’s procurement spend to get tailored and smart resources into local community organisations supporting local people. We wanted to make sure our Social Value was directly linked to our local outcomes and the Social Value Exchange allows us to do just that.”
Dan Ebanks, founder of the Social Value Exchange, said:
“We developed the Social Value Exchange as an online marketplace to leverage procurement spend to get additional resources into local community projects, such as those that support our most vulnerable groups and protect the environment. I think we can all acknowledge the indispensable role that VCSE organisations have played over the last 18 months, and we’re pleased to have such a massive opportunity to support them. The team is buzzing to be working with what is one of the biggest, if not biggest, local authorities in the country. We can have a real impact.’
The Social Value Act, enacted in 2012, allows contracting authorities to leverage its spend on private suppliers and channel resources into improving social, economic and environmental well-being for local communities.
“Contracting authorities in England and Wales spend around £268 billion a year on private suppliers. Our mission is to use that spend to get additional resources, year on year, directly into local VCSE organisations, for everyone’s benefit,” Dan said.
About Social Value Exchange
The Social Value Exchange is an online marketplace that tackles the resource squeeze for the VCSE sector head on by channelling resources from public spend into community projects that improve social, economic and environmental well-being for local communities.
For further information please contact:
Dan Ebanks, Founder, Social Value Exchange: firstname.lastname@example.org
Tel: (44) 203 488 6223
Christopher Wimhurst, Commissioning Standards Manager, Kent County Council: email@example.com
Louise Merchant, Commissioning Standards Manager, Kent County Council: firstname.lastname@example.org