Social Finance, a national impact finance and advisory nonprofit, has announced its latest Career Impact Bond, a $5 million partnership with Clinical Research Fastrack. 

The three-year bond is designed to help people facing barriers to employment, including immigrants and refugees with impressive medical or science degrees earned outside of the United States, find careers within the growing clinical research industry. To that end, it will use impact investor capital to fund 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 at least $40,000 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. The bond will serve at least 700 people through a 148-hour training program that includes classroom instruction and career coaching. 

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. 

“It’s exciting to collaborate with Social Finance on a program that will diversify and strengthen the clinical research industry,” said Clinical Research Fastrack co-founder and CEO David Silberman. “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.” 

(Photo credit: Getty Images/Motortion)