The impact investing nonprofit is working to finance clinical research training and introduce new talent and greater diversity to a fast-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 of the U.S., find careers within the growing clinical research industry.
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 individuals from diverse backgrounds enter the field of clinical research, where they’ve helped facilitate clinical trials for new treatments to address a variety of health conditions, including Alzheimer’s disease, cancer, Covid-19, diabetes, and heart disease.
Clinical Research Fastrack is the fifth training provider supported by Social Finance’s $50 million UP Fund, following partnerships with other training providers in the information technology and skilled trade sectors. The Career Impact Bond is a student-friendly financing model that expands access to quality, industry-recognized career training to people who face barriers to education and employment.
“We’re excited to partner with Clinical Research Fastrack to train clinical research professionals who help bring new life-saving treatments to market,” Social Finance CEO and Co-Founder Tracy Palandjian said. “This Career Impact Bond, the first-ever in health care, will support people as they 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,” Clinical Research Fastrack Co-Founder and CEO David Silberman said. “The need for qualified clinical research professionals in the field is huge and this program improves our ability to meet that demand, giving more people the opportunity to find career success.”
Clinical Research Fastrack was founded in 2016 to improve the quality and progress of clinical research by educating and empowering new research professionals. The organization has a history of enrolling leading candidates from a diverse range of ethnicities and backgrounds, including a high number of immigrants to the U.S. who, despite their impressive education overseas, previously struggled to find meaningful careers. Clinical Research Fastrack graduates are employed at clinical research organizations across the country and widely recognized throughout the industry as they progress quickly and partner with leaders in the field to advance medical research.
How the Clinical Research Fastrack Career Impact Bond Works
Impact investor capital funds tuition and supportive 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 repay their tuition costs 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 post-graduation grace period, are outlined in a Student Bill of Rights.
A portion of Clinical Research Fastrack’s revenue is linked to student success, incentivizing the training provider to maintain its track record of effectively preparing learners and placing them in high-growth clinical research roles.
IonTuition, in collaboration with MentorWorks Education Capital, is the servicing partner managing student repayment.
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 & Susan Dell Foundation; Pershing Square Foundation; Phillips Foundation; The Shapiro Foundation; the W.K. Kellogg Foundation; and individual donors with donor-advised fund contributions from The Boston Foundation, the Combined Jewish Philanthropies of Greater Boston, Fidelity Charitable, and Vanguard Charitable.
Social Finance manages the UP Fund, identifying and vetting training providers, structuring partnerships, and managing each launched Career Impact Bond for impact throughout the 10-year life of the fund.
Disclaimer: The UP Fund offered partnership interests only 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 were offered solely 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 impact finance and advisory nonprofit. We work with the public, private, and social sectors to create partnerships and investments that measurably improve lives. Since our founding in 2011, we have mobilized $350 million in new investments designed to help people and communities realize improved 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, place-based Pay It Forward Funds, and the Dreamers Graduate Loan Fund. Learn more at socialfinance.org.
About Clinical Research Fastrack
Clinical Research Fastrack trains aspiring Clinical Research professionals and connects them with leading research organizations to elevate the efficacy of clinical trials. Ultimately, qualified Clinical Researchers lead to new and better treatments for debilitating conditions like cancer, heart disease, diabetes, Alzheimer’s, chronic respiratory diseases, tumors, septicemia, liver disease, Parkinson’s, obesity, arthritis, and so many more. Learn more at clinicalresearchfastrack.com.
Director of Media & Communications, Social Finance
Director of Outreach and Engagement, Clinical Research Fastrack
SOURCE Social Finance US