Nonprofit impact investing works to fund clinical research training and introduce new talent and greater diversity to a growing profession.
BOSTON and SCOTTSDALE, Ariz., July 6, 2022 /PRNewswire/ — Today, Social Finance announced its latest Career Impact Bond, a $5 million Partnership with Clinical Research Fastrack to help people facing barriers to employment, including immigrants and refugees with impressive medical or science degrees earned outside the United States, find careers in the growing industry. growth of clinical research.
The Clinical Research Fastrack Career Impact Bond will serve at least 700 people over three years through a proven 148-hour training program that includes both classroom instruction and career coaching. Clinical Research Fastrack has helped hundreds of people from diverse backgrounds enter the field of clinical research, where they have helped facilitate clinical trials of new treatments to treat a variety of health conditions, including Alzheimer’s disease , cancer, Covid-19, diabetes and heart disease.
Clinical Research Fastrack is the fifth training organization supported by Social Finance’s $50 million UP funds, following partnerships with other training providers in the information technology and skilled trades sectors. The Career Impact Bond is a student-friendly funding model that expands access to industry-recognized, quality career training for people facing barriers to education and employment.
“We are thrilled to partner with Clinical Research Fastrack to train clinical research professionals who will help bring life-saving new treatments to market,” said Social Finance CEO and Co-Founder. Tracy Palandjian said. “This Career Impact Bond, the first ever in healthcare, will help people build lasting careers in a growing field.”
“It’s exciting to collaborate with Social Finance on a program that will diversify and strengthen the clinical research industry,” said the co-founder and CEO of Clinical Research Fastrack. David Silverman said. “The need for skilled clinical research professionals in the field is enormous and this program enhances our ability to meet that demand, giving more people the opportunity to succeed in their careers.”
Clinical Research Fastrack was founded in 2016 to improve the quality and progress of clinical research by training and empowering new research professionals. The organization has a history of recruiting top candidates from diverse backgrounds and backgrounds, including a large number of immigrants to the United States who, despite their impressive education abroad, previously struggled find meaningful careers. Fastrack clinical research graduates are employed in clinical research organizations across the country and widely recognized in the industry for advancing rapidly and partnering with leaders in the field to advance medical research.
How the Fastrack Clinical Research Career Impact Bond Works
Impact Investor Capital funds tuition and support services, including personalized career services, for learners who enroll in the Clinical Research Fastrack Career Impact Bond at no upfront cost. Those who graduate and find jobs with salaries of $40,000 or more reimburse their tuition for up to 36 months, or until they reach the payment cap. Those who earn less than $40,000 pay nothing. These repayment terms, along with other protections, including a grace period after graduation, are outlined in a student bill of rights.
A portion of Clinical Research Fastrack’s revenue is tied to student success, incentivizing the education provider to maintain its track record of effectively preparing learners and placing them in high-growth clinical research roles.
IonTuitionin collaboration with MentorWorks Education Capitalis the service partner that manages student reimbursement.
The UP fund includes support from Blue Meridian Partners; Blue Haven Initiative; the Dakota Foundation; Inherent foundation; the John D. and Catherine T. MacArthur Foundation; MFS Investment Management; The Michael and Susan Dell Foundation; Pershing Square Foundation; Phillips Foundation; The Shapiro Foundation; the WK Kellogg Foundation; and individual donors with fund contributions advised by donors from the Boston Foundation, the Combined Jewish Philanthropies of Greater BostonFidelity Charitable and Vanguard Charitable.
Social Finance manages the UP fund, identifies and vets training providers, structures partnerships and manages each Career Impact Bond launched for impact throughout the 10-year life of the fund.
Disclaimer: The UP fund was only offering interests in the partnership to eligible investors and admission to the UP fund as a limited partner was not open to the general public. Partnership interests in the UP fund have been offered only to U.S. persons who are “accredited investors” within the meaning of Rule 501(a) of Regulation D, as described in the fund’s confidential private offering memorandum and related documents.
About social finance
Social Finance is a national not-for-profit impact finance and advisory organization. We work with the public, private and social sectors to create partnerships and investments that measurably improve lives. Since our creation in 2011, we have mobilized $350 million in new investments designed to help individuals and communities achieve better outcomes in education, economic mobility, health and housing. In addition to managing the investment program funded by the Google Career Certificates Fund, our economic mobility portfolio includes the UP Fund, location-based Pay It Forward funds and the Dreamers Graduate Loan Fund. Learn more about socialfinance.org.
About Fastrack Clinical Research
Clinical Research Fastrack trains aspiring clinical research professionals and connects them with leading research organizations to increase clinical trial efficiency. Ultimately, skilled clinical researchers lead to new and better treatments for debilitating diseases like cancer, heart disease, diabetes, Alzheimer’s disease, chronic respiratory disease, tumors, sepsis, liver, Parkinson’s disease, obesity, arthritis and many more. Learn more about researchclinicfastrack.com.
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SOURCE Social Finance United States