Social Finance is partnering with Clinical Research Fastrack to launch the first-ever Career Impact Bond in the health care sector. The project serves a diverse population of at least 700 students, including immigrants and refugees, through a 148-hour training program consisting of remote classroom and experiential learning.
Clinical Research Fastrack was founded in 2015 to educate and empower new and aspiring clinical research professionals. Clinical Research Fastrack graduates work at clinical research organizations across the country, facilitating clinical trials for new treatments designed to address a variety of health conditions, including Alzheimer’s disease, cancer, Covid-19, diabetes, and Parkinson’s disease.
Project Goals
Increase career training access: Expand access to industry-recognized training and wraparound support services by offering an innovative and student-centered financing option for people facing barriers to education and employment.
Invest in career advancement opportunities: Help students develop the skills they need to build careers in clinical research, ascend the career ladder, and take strong steps toward economic mobility.
Support health care innovation: Broaden and diversify the talent pipeline for clinical research to support more equitable health outcomes and employment opportunities.
How It Works
Investors
Provide funding to expand Clinical Research Fastrack's programming and cover students' tuition.
Clinical Research Fastrack
Provides training and wraparound support services to students.
Students
If their salaries exceed $40,000, they repay 9% of their monthly income for 36 months or until they reach the payment cap.
The Student Experience
Odaro UgboOdaro, a microbiologist, moved from Nigeria to the U.S. She was struggling to find work in her field and support her family. Odaro discovered CRF and enrolled in the program. She finished her training in two months and found a job at a Dallas medical research firm in one month. Odaro is now an Associate Clinical Research Coordinator.
Project Partners
- Clinical Research Fastrack is providing training for participants.
- The UP Fund financed the project.
- IonTuition, in collaboration with MentorWorks Education Capital, is managing student repayment.
Project Supporters
- Chapman and Cutler serves as outside legal counsel to Social Finance for the UP Fund.
- Wilmington Trust serves as fiscal agent and custodian for the project.