Today, despite the city’s record-breaking economy and dropping poverty rates, too many New Yorkers are struggling. We know that skills training and continuing education programs can be gateways to a stable, family-supporting future, but can also be cost-prohibitive. That’s why the Economic Development Corporation, the Mayor’s Office for Economic Opportunity, and the Department of Small Business Services are exploring income share agreements, or ISAs to enable low-income workers to upskill and achieve economic stability. This funding system ensures people of all backgrounds will be able to access high-quality training programs in 21st century fields, regardless of their ability to pay tuition upfront or their credit histories. Training providers would be held to the highest standards and participants would only be responsible to pay back after they secure a high-paying job. Because this funding mechanism factors in what students may realistically be able to pay based on their financial circumstances, they are all but guaranteed to be better off financially than before enrolling in the program.
At a time when we need effective training models that can be scaled, EDC and its partners are energized by ISAs’ potential to expand access to accelerated training programs such as coding bootcamps to low income New Yorkers who don’t have the resources to afford them. That is why we are pleased to announce a Request for Expressions of Interest (RFEI) to establish the Talent Financing Fund. By placing participants’ interests at the heart of this initiative while simultaneously aligning the incentives of training and capital providers, the Fund will dramatically increase accessibility to good-paying opportunities in the tech sector. …
Yesterday, the New York Daily News published an op-ed from New York City Economic Development Corporation President and CEO James Patchett on how the city has been preparing for a future recession. Even though the city has shown no immediate signs of a downturn, we have been constantly focused and proactively working to stave off the effects of the next one.
You can read the full Daily News op-ed here.
James Patchett is president and CEO of New York City Economic Development Corporation. Follow him on Twitter: @jbpatchett
To learn more about NYCEDC’s programs and initiatives, please visit edc.nyc.
In his latest Business Insider op-ed, NYCEDC President & CEO James Patchett argued that New York City must leverage its greatest asset — its diversity — to remain the top-ranked tech city in the world and continue its upward trajectory as an innovation hub.
While Amazon’s decision to cancel its plans for a new headquarters in Queens was certainly unfortunate, NYC should not lose sight of the fact that the assets which initially drew the tech giant here — a diverse and skilled workforce and leadership committed to executing bold ideas — remain fully in place. …