The Statistics
To address today’s workforce challenges, we need effective, sustainable, and innovative funding for workforce development that empowers people to secure quality jobs and achieve economic mobility in Southeastern North Carolina (see supporting data here).
Pay It Forward Funds (PIFFs) are place-based workforce funds that invest in worker upskilling. They amplify the impact of private, public, and philanthropic dollars by recycling funds to ‘pay it forward’ for future learners. Student-centered financing leads to good-paying jobs and allows businesses to invest in and retain diverse, skilled talent. The program also aligns with existing grant and scholarship programs.
Our Process:
ROLLOVER CIRCLES TO EXPAND
Funding
Capital from investors, foundations, employers used to cover cost of training
Learners
Learners access zero percent interest loans covering cost of living and expenses during training
Employment
Learners complete training and earn well-paying jobs
Repayment
Learners with wages over a set threshold or employers repay the loan
Future Learners
Loan repayments are used to support the next learner
The Guiding Principles
Economic Mobility
Upskill individuals for select good jobs with living wages to drive inclusive economic growth.
Effectiveness
Support training programs with a strong track record and predictable outcomes focusing on quality wage gains over the number of individuals served.
Learner-Centricity
Offer preferential financing terms and robust support services such as living stipends, emergency funds, and coaching for working learners.