Social Finance is partnering with Acuitus, an education provider dedicated to transforming students into information technology (IT) experts, and impact investors on a Career Impact Bond. The project serves 300 students who are unemployed or underemployed, including veterans and civilians, with the objective of transitioning each graduate into the workforce and into sustainable, leading-edge IT careers.
Acuitus began its work in 1999 in concert with the U.S. Department of Defense’s Defense Advanced Research Projects Agency and the Bill and Melinda Gates Foundation. Today, the organization supports programs within the U.S. Department of Veterans Affairs’ Center for Innovation, the U.S. Navy, and the U.S. Army.
Project Goals
Increase career training access: Expand access to industry-recognized IT training and wraparound support services so that people facing barriers to education and employment, including veterans, can become system administrators, network engineers, and IT specialists.
Support measurable career advancement: Help students develop the skills they need to pursue and achieve measurable career advancement in IT occupations at leading organizations across a number of industries.
Catalyze wider economic mobility: Take a strong step toward catalyzing economic mobility at scale by transforming education for veterans and others who have historically faced significant barriers to education and employment.
How It Works
Investors
Provide funding to expand Acuitus' programming and cover students' tuition.
Acuitus
Provides training and wraparound support services to students.
Students
Students repay tuition if they obtain and maintain employment with annual salaries exceeding $45,000.
Project Partners
- Acuitus is providing the training for participants.
- The UP Fund financed the project.
- Vemo Education is managing student repayment.
Project Supporters
- Wilmington Trust serves as fiscal agent and custodian for this project.
- Chapman and Cutler serves as outside legal counsel to Social Finance for the UP Fund.