Colorado Pay It Forward Fund Expands to Support Students at Two New Training Programs

Investments will help justice-impacted Coloradans earn a commercial truck driver’s license and support skilled trades training for those facing barriers to employment 

DENVER, CO, AURORA, CO, and BOSTON, MA — Today, the Colorado Pay It Forward Fund announced two new investments totaling $1.1 million to expand access to economic opportunity for Coloradans facing significant barriers to employment. Through these partnerships, learners enrolled at FreeWorld and Community College of Aurora’s (CCA) BuildStrong Academy will have access to zero-interest loans, helping them cover tuition costs or living expenses, respectively. 

These investments reflect the Fund’s commitment to preparing Coloradans who face the greatest barriers to economic mobility for in-demand local jobs. Through these investments, learners, including justice-impacted individuals and Coloradans experiencing housing insecurity, will have access to greater financial support to stay in training for trucking and skilled trades careers, two industries facing growing labor shortages in Colorado. 

“FreeWorld and CCA BuildStrong Academy have each built models that work: they meet people where they are, remove obstacles, and get people into good jobs,” said Andrew Chen, Vice President of Impact Investments at Social Finance. “We’re proud to back both of them and help Coloradans access economic opportunity.” 

FreeWorld provides a tech-enabled pathway, exclusively for justice-impacted individuals, to a Commercial Driver’s License (CDL) and a living-wage trucking career, guiding learners through permitting, training, and job placement via a custom-built app. Since its founding, FreeWorld has supported more than 3,700 learners in obtaining their CDL, generating an estimated $543 million in graduate earnings and $45 million in recidivism cost savings, while maintaining a recidivism rate under 5%. 

With the Fund’s $600,000 investment, learners will have access to zero-interest loans of up to $6,000 to cover training costs. More than 400 Coloradans are on FreeWorld’s waitlist, and this partnership aims to unlock access for more of them. FreeWorld graduates go on to secure an average starting salary of approximately $75,000. 

“Every person deserves to be judged by their potential, not their worst mistake,” said Jason Wang, Founder & CEO of FreeWorld. “The Colorado Pay It Forward Fund shares our belief that when you remove barriers for returning citizens, they don’t just rebuild their own lives — they strengthen their families, their communities, and their local economy. We are excited to expand our support for returning citizens in Colorado.”  

CCA BuildStrong Academy prepares Coloradans facing barriers to employment, including individuals experiencing housing insecurity, underemployment, unemployment, or limited educational attainment, for careers in construction, electrical work, and carpentry. Through hands-on training, career coaching, and job placement support, the program equips participants with the skills needed to enter the workforce at no cost to the student. The Fund’s $500,000 investment will provide BuildStrong learners with access to $4,000 outcomes-based loans to help cover essential living expenses such as housing, transportation, and groceries during training, to reduce the financial pressures that often prevent students from completing the program. 

Colorado faces a shortage of more than 30,000 skilled construction workers, with demand projected to grow 32% by 2030, and this investment can support approximately 160 local workers entering the field. The investment also marks the Colorado Pay It Forward Fund’s first partnership with a Colorado community college, made possible through BuildStrong’s recent move to Community College of Aurora’s CentreTech campus. As part of this move, BuildStrong is adapting its programming to meet new Workforce Pell eligibility requirements in order to promote long-term scale and sustainability. 

 “We’re so grateful to be part of the Colorado Pay It Forward Fund,” said CCA’s Dean of Workforce Allison Stepnitz. “This innovative funding option gives CCA BuildStrong Academy students greater financial flexibility while they train, helping reduce some of the common stressors that come with being underemployed or unemployed. By removing financial barriers, students can focus on building the skills they need for high-paying, rewarding careers in construction while helping meet the industry’s growing workforce demand.” 

The Colorado Pay It Forward Fund is an initiative of national nonprofit Social Finance and five Colorado foundations, including Colorado Gives Foundation, The Colorado Health Foundation, Gary Community Ventures, Walton Family Foundation, and other local donors. The Fund provides low- or no-interest loans to learners, training providers, and employers to help Coloradans access the state’s most in-demand jobs. 

The Fund’s outcomes-based financing is designed to protect learners: borrowers who are not earning above a minimum income threshold may apply for income-based deferment, during which their monthly payment obligation is $0. Repayments received are reinvested into the Fund to allow more learners to benefit. These zero-interest loans are originated by Richland State Bank, an FDIC member, through its partner platform Ascent Funding, LLC. 

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About Social Finance 

Social Finance is a national nonprofit and registered investment adviser. We bring government, philanthropy, and business leaders together to put capital to work in new ways to improve systems and expand opportunity. We build, test, and scale new models that are accountable for results. Since our founding in 2011, we have mobilized more than $500 million to create positive outcomes in workforce and education, health, and housing.  

About FreeWorld
FreeWorld is an AI native nonprofit on a mission to end generational poverty and recidivism through economic mobility. FreeWorld provides justice-impacted individuals with a complete pathway to a Commercial Driver’s License and a living-wage trucking career — including permit prep, CDL training, job placement, and ongoing mentorship through its purpose-built app. Founded in 2021, FreeWorld was built on the conviction that a single mistake should not define a person’s future, and that sustainable reentry begins with meaningful, well-compensated employment. 

About The Community College of Aurora (CCA) 

The Community College of Aurora (CCA) provides high-quality instruction and student support services to Aurora, Centennial, and Denver, Colorado. With a vision to aspire to be a college where every student succeeds, CCA is the most diverse college in the State of Colorado. Focused on creating social and economic mobility for its students, the college offers courses on three campuses, online, and through its high school concurrent enrollment programs. 

About Ascent
Ascent is a mission-driven fintech company committed to redefining student lending through a focus on access, affordability, and lasting economic impact. Backed by institutional capital, Ascent offers innovative loan options for college and career training programs — helping more students qualify, with or without a cosigner.