Colorado Pay It Forward Fund

ActivateWork prepares Coloradans for in-demand jobs in IT that pay a living wage, ranging from IT support to DevOps to cybersecurity. The Fund will provide a line of credit to enable ActivateWork to offer its students zero-interest loans to cover their living expenses while enrolled in the program. Students who receive a living expense loan will only be required to pay back their loan if they are placed in a job earning at least $45,000/year. ActivateWork will also receive an additional grant to support their growth if they achieve strong student placement and repayment outcomes.

CrossPurpose upskills Coloradans for high-growth jobs in a variety of fields, including health care, technology, and commercial truck driving. The Fund’s working capital loan will enable CrossPurpose to hire two full-time employees focused on expanding employer-paid partnerships and two full-time employees focused on expanding mental health services to students and community members. CrossPurpose will repay this working capital loan at zero-interest as these new employees generate revenue and scale for CrossPurpose to serve more people.

The Master’s Apprentice prepares Coloradans from historically disenfranchised communities and those recently released from incarceration to enter in high-demand trades such as carpentry, electrical work, plumbing, and HVAC at no cost to the student. The Fund is providing zero-interest loans to participants to cover their living expenses while enrolled in the program. Students who receive a living expense loan will only be required to pay back their loan if they are placed in a job earning at least $40,000/year.

• The Fund’s anchor funders include Colorado Gives Foundation, The Colorado Health Foundation, Gary Community Ventures, Walton Family Foundation, and several other generous local funders. The Colorado Equitable Economic Mobility Initiative also provided support.
• Social Finance is designing and managing the Fund, with support from Blue Meridian Partners.
• ActivateWork,CrossPurpose, and The Master’s Apprentice are providing training and support to learners.
• Ascent Funding is originating zero-percent loans to learners in the CareerDash and Master’s Apprentice programs.
• BetterOffer is a digital marketplace created by Gary Community Ventures that features Colorado Pay It Forward Fund training programs—as well as other vetted, high-quality, free programs—in one place, helping learners easily identify and enroll in different programs.
• UMB Financial Corporation is providing financial services.
• Chapman and Cutler LLP is providing legal guidance.

• Social Finance and Five Philanthropic Funders Launch Pay It Forward Fund to Prepare Coloradans for Good Jobs, Social Finance
• In Colorado, Training Providers Put a New Kind of Capital to Work, Work Shift
• Denver-Area Fund Uses $8M to Get More Coloradans in High-Demand Jobs, Denver Business Journal
• New Partnership with The Master’s Apprentice Will Help More Coloradans Enter the Skilled Trades, Social Finance
• From Jobs to Careers: Denver-Based Training Program Helps People Find Futures in Trade Work, Colorado Community Media