#United States #San Diego #Workforce Training #Ascent Funding #The Forward Fund

Ascent and The Forward Fund Launch $7 Million Fund

Ascent, a prominent innovator in the financial services space, has announced an exciting partnership with The Forward Fund, which marks a significant step in workforce development efforts across the United States. A $7 million fund has been established to increase educational access and economic mobility for adult learners, particularly in fields experiencing labor shortages.

The initiative is part of Ascent's broader Impact Program, which aims to generate an increase of $10 billion in student income over the next five years. It specifically addresses the crucial need for a skilled workforce in today’s economy, where millions of adults find themselves unemployed despite the availability of suitable job opportunities. Currently, over 6 million adults are facing unemployment while approximately 8 million jobs, especially in skilled trades, remain open.

Notably, many of these jobs in the skilled trades, such as construction and electrical work, lack the necessary popularity among younger generations. A study by McKinsey & Company points out significant gaps in the workforce for roles such as construction laborers, electricians, welders, and similar positions, all of which are essential for sustaining the economy’s infrastructure.

The collaboration kicked off on October 28, 2024, and will initially support students enrolled in the Electrical Lineworker Training Program at Cape Fear Community College. This program is particularly relevant, as the Carolina Energy Workforce Consortium projects a need for around 800 new linemen each year in the coming five years, highlighting a critical demand in this sector.

Under this partnership, participants will have access to 0% interest loans, which will sustainably support their training and educational endeavors. The repayment of these loans is tied to individual economic outcomes, allowing participants to pay it forward and create a cycle of support for future students seeking similar opportunities.

Tristan Fleming, the Chief Impact Officer at Ascent, emphasized the urgency of the program, stating, "American adults are struggling to find jobs today while employers are not convinced the applicants' skills meet their needs." The aim is to bridge this gap by offering financial avenues that empower adult learners to acquire the skills necessary for high-demand jobs.

Furthermore, statistics indicate that 93% of Ascent's college loan borrowers come from low-income backgrounds, and the program aims to bolster their potential for professional success and higher earnings post-graduation.

In echoing the program's mission, Meaghan Dennison, CEO of The Forward Fund, expressed enthusiasm about the collaboration, noting that the partnership is a unique opportunity to explore sustainable funding approaches for workforce development in North Carolina. The primary goal is to enhance the employability of students by leveraging Ascent's expertise in innovative student financing solutions.

This initiative builds on Ascent's earlier successes and reflects its commitment to supporting adult learners and addressing workforce development in a holistic manner. The groundwork laid by similar efforts, such as the Colorado-based Forward Fund, has already demonstrated impactful outcomes.

The journey does not stop here. The strategic alliance between Ascent and The Forward Fund aims to further enhance Ascent's commitment to raising student incomes by $10 billion by 2028, ultimately fostering a more robust and skilled workforce ready to meet the demands of the labor market.

For more information regarding Ascent’s commitment to adult education and workforce development, you can visit ascentfunding.com. With this initiative, Ascent is poised to transform the landscape of adult education, creating pathways to durable economic mobility and success.