Explaining the New Jersey Pay It Forward Fund, Michael Grossman, managing director of impact investments, Social Finance, says, “We’ve structured a job training and talent finance fund to finance the non-traditional workers into jobs that New Jersey employers, the New Jersey government makes the center of New Jersey’s future.”
WorkingNation sat down with Grossman at JFF Horizons in New Orleans.
He says bringing the state and employers together is a “public-private partnership in the best way.”
There are a variety of career pathways being funded, according to Grossman. “We are financing a range of learners focused on nursing, cybersecurity, HVAC repair, and welding for offshore wind technicians.”
Most learners are also receiving living stipends which they don’t have to pay back, says Grossman. “The state of New Jersey has said – and I think to quote the governor, ‘It’s on us.’ It’s really important that the state work to ensure persistence by allowing students to have the economic comfort to continue their studies.”