Pay It Forward Funds
Social Finance is partnering with state governments and local workforce funders across the country to create self-sustaining pools of job training dollars called Pay It Forward Funds. These place-based funds support individual Career Impact Bonds that bring together wraparound support services and student-friendly financing to help individuals upskill with high-quality training providers and achieve economic mobility.
Pay It Forward Funds create sustainable cycles of training that are fundamentally focused on outcomes. Students who experience positive employment outcomes repay the cost of their training, paying it forward into a common fund to support future students.
In fall 2020, New Jersey became the first state to announce the development of a Pay It Forward Fund. Partners in six other states are pursuing similar efforts, which blend public, philanthropic, and corporate funding to invest in sectors that are locally relevant, resilient, and in high-demand, including clean energy, IT, advanced manufacturing, and health care.
Active Pay It Forward Funds
NEW JERSEY PAY IT FORWARD PROGRAM
Social Finance has partnered with Governor Phil Murphy, the State of New Jersey, and the New Jersey CEO Council on the nation’s first Pay It Forward program to prepare New Jersey residents for family-sustaining jobs in industries like health care, IT, and clean energy.
UNITED WAY MIAMI WORKFORCE PROJECT
Social Finance has partnered with United Way Miami on the first Pay It Forward Fund in the state of Florida, designed to upskill Miami residents for in-demand jobs that lead to economic mobility, especially for veterans, people of color, and single female heads of household.
- Workforce Realigned, Chapter 19, “Paying It Forward: Adapting the Career Impact Bond Into a Public Policy Tool,” Social Finance and the Federal Reserve Banks of Atlanta and Philadelphia
- “Governor Murphy and Leading New Jersey CEOs Launch New Jersey Pay It Forward to Support Post-Pandemic Career Seekers,” NJ Press Release
- “Murphy to Propose Pay It Forward Fund During Budget Address,” ROI-NJ
- “Minutes, Higher Education Student Assistance Authority (HESAA),” HESAA Board
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