Social Finance is partnering with General Assembly (GA) and impact investors to launch one of the first-ever career impact bonds (CIB). The project serves 1,000 individuals across 10 U.S. cities, enabling them to develop in-demand coding skills, prepare for sustainable careers in the booming information technology (IT) space, and ultimately achieve improved economic mobility.
Increase career training access: Expand access to industry-recognized IT training and wraparound support services to people who have limited means or have come into contact with the criminal justice system.
Support measurable career advancement: Help students cultivate the technological skills needed to pursue and achieve measurable career progress within growing, in-demand IT occupations.
Catalyze wider economic mobility: Take a strong step toward catalyzing economic mobility at scale and recapturing the American Dream.
How It Works
Provide funding to expand General Assembly's Catalyst program and cover students' fees.
Provides training and wraparound support services to students.
Repay their deferred program fees so long as they graduate, get good jobs, and earn salaries of $40,000 or more.
THE STUDENT PERSPECTIVE
College was never an option for Sandy, who has been working low-wage jobs for close to 10 years. She wants to do more for herself and her daughter but a four-year degree is not viable because of the cost and time commitment involved. Technology training is appealing but a few credit dings make getting a loan impossible. Sandy is an ideal candidate for the student-friendly GA CIB.
- Wilmington Trust is serving as fiscal agent and custodian for this project.
- Orrick, Herrington, and Sutcliffe is serving as legal counsel to Social Finance for this project.
- Google.org provided grant support for the project.
- Prudential Financial provided grant support for the project.
- Chapman and Cutler is serving as outside legal counsel to Social Finance for the UP Fund.