Two new financial innovations could have a large impact on the workforce development field. Pay-for-success financing (also known as social impact bonds) and a community employment loan program (CELP) will be discussed in relation to financing workforce development efforts during a January 28 Federal Reserve System webinar. The hourlong session starts at 3:00 p.m. ET. Both of these financial innovations are relatively new, and the webinar, Innovative Financing for Workforce Development, will highlight two organizations that have used these methods to finance their workforce development efforts.
Although social impact bonds are generally used to improve employment outcomes of formerly incarcerated individuals, Boston-based Social Finance Inc. is currently using them to support broader workforce development efforts in Massachusetts. An organization in Ontario, Canada, Social Capital Partners, will also be featured for its use of CELP to drive positive employment outcomes for vulnerable populations such as low-income groups, single parents, people with low education, and those with disabilities.
Tracey Hsu of Social Finance Inc. and Bill Young of Social Capital Partners will present during the webinar.
Register for the January 28 webinar. Participation is free, but preregistration is required.
These events are part of the Federal Reserve's Connecting Communities® series, a national initiative intended to provide community development practitioners, financial institution representatives, policymakers, and others with timely information on emerging and important community development topics.