FINANCIAL MANAGEMENT

CAEL receives $15.7 million grant from Truist Foundation to strengthen financial services career pathways

The Council for Adult and Experiential Learning (CAEL); Truist Foundation | May 09, 2022

Grant
The Council for Adult and Experiential Learning (CAEL), a nonprofit organization helping adult learners navigate on- and off-ramps between education and employment, announced it has been awarded a $15.7 million grant from Truist Foundation. The CAEL and Truist Foundation partnership encompasses a six-year multicity initiative that prioritizes Black, Indigenous, and persons of color (BIPOC) as well as underserved communities by building career paths in professions and industries historically unavailable to them, such as financial services.

"Our work with CAEL will provide the tools adult learners, workforce organizations, postsecondary institutions and service providers need to ensure individuals can secure a position and prosper within previously inaccessible industries," said Lynette Bell, president of Truist Foundation. "Beyond our grant, Truist Bank intends to partner with CAEL to hire some of the talented adult learners who participate in the initiative's career pathways."

Championing adult learner success for more than 40 years, CAEL has established and grown partnerships with workforce organizations, employers, postsecondary education institutions, regions and communities across the nation. CAEL will be partnering with nationally recognized organizations for this initiative, including CareerWork$ (BankWork$ program), CollegeAPP, Emsi Burning Glass, PAIRIN, and Riipen.

The supportive ecosystem created by CAEL's work and partnership with Truist Foundation will allow adult learners to gain access to meaningful employment while creating and sustaining a diverse talent pipeline for the financial services industry. This initiative will roll out in five communities over the next six years.

CAEL's partnership with Truist Foundation will:

  • Establish partnerships with local community colleges and postsecondary institutions to ensure all adult learners have access to affordable remote and in-person classes with flexible hours and curricula, prioritizing effectiveness for women and BIPOC adult learners.
  • Establish partnerships with local Workforce Development Boards.
  • Provide support and resources to workforce organizations in the region to connect more job seekers to higher-wage jobs and long-term career opportunities.
  • Provide training and tools to organizations in the financial services industry to encourage them to hire talented and diverse adult learners and support them as candidates and employees, setting them up for success.
  • Explore potential partnerships with service providers such as local child care centers, transportation services, mental health organizations and other areas to ensure services are available and accessible, allowing adult learners to face fewer barriers when entering the financial services workforce.
  • This comprehensive support system aims to make it possible for women, BIPOC and other underrepresented adult learners to secure, persist and excel in their careers.

A lack of coordination among postsecondary institutions, employers and workforce organizations has limited opportunities to promote diversity, equity and inclusion within many industries, including financial services. This generous support from Truist Foundation will allow CAEL to bring about collaboration among educators, workforce developers, employers and service organizations to build more equitable and comprehensive pathways into financial services and adjacent industries for adult learners who have long faced systemic barriers to rewarding occupations."

Earl Buford, CAEL president

Expensive hurdles such as education, transportation and child care prevent many qualified individuals from pursuing employment opportunities. CAEL's work and partnership with Truist Foundation will uplift individuals within an empowering career path, diversify the financial services sector, provide individuals the opportunity to generate sustainable and generational wealth and provide support and resources to workforce organizations and educational institutions.

About CAEL
Recognizing that adult learners are the backbone of the U.S. economy, CAEL helps forge a clear, viable connection between education and career success, providing solutions that promote sustainable and equitable economic growth. CAEL opens doors to opportunity in collaboration with workforce and economic developers, postsecondary educators, employers and industry groups, and foundations and other mission-aligned organizations. By engaging with these stakeholders, we foster a culture of innovative, lifelong learning that helps individuals, and their communities thrive. A national membership organization established in 1974, CAEL is a part of Strada Collaborative, a mission-driven nonprofit.

About Truist Foundation
The Truist Foundation is committed to Truist Financial Corporation's purpose to inspire and build better lives and communities. Established in 2020, the foundation makes strategic investments in nonprofit organizations to help ensure the communities it serves have more opportunities for a better quality of life. The Truist Foundation's grants and activities focus on building career pathways to economic mobility and strengthening small businesses.

Spotlight

Research shows there’s a strong link between social norms and charitable giving: when you see other people donate, you’re more likely to donate yourself. A new report from WPI explores how social norms infuence giving to women’s and girls’ causes in particular and whether that difers depending on the donor’s gender.

Spotlight

Research shows there’s a strong link between social norms and charitable giving: when you see other people donate, you’re more likely to donate yourself. A new report from WPI explores how social norms infuence giving to women’s and girls’ causes in particular and whether that difers depending on the donor’s gender.

Related News

NONPROFIT MANAGEMENT

MassMutual Foundation Honors Dedication of Financial Professionals With $275,000 in Grants to Nonprofit Organizations for 25th Year

MassMutual | July 11, 2022

The MassMutual Foundation has awarded $275,000 to eligible nonprofit organizations through its annual Community Service Awards (CSA) program. These charitable contributions – which include two $25,000 awards, fifteen $10,000 awards, and fifteen $5,000 awards – are given in honor of financial professionals who demonstrate outstanding commitment to nonprofit organizations in their local communities. This year marks the 25th anniversary of the CSA program. “In 2021, participating financial professionals in our CSA program donated more than 15,000 hours of service to nonprofit organizations across the country, We are proud to recognize these individuals who are making a difference in their communities and demonstrating what it means to live mutual through their volunteer efforts and dedication to the causes they support.” Dennis Duquette, president of the MassMutual Foundation This year’s two $25,000 CSA grants are being awarded to The Base in honor of John Navien with BayState Financial and the YMCA of Metropolitan Dallas in honor of Daniel Drabinski with BlueCrest Financial Alliances. The Base leverages youth sports to connect with urban young people around their passion point, and then engages them in robust academic, career, and wellness programming. The YMCA of Metropolitan Dallas’ mission is dedicated to strengthening the foundation of community. With a commitment to nurturing youth development, energizing healthy living, and inspiring social responsibility.

Read More

FUNDRAISING

StartEngine and Indiegogo Team Up to Help Startups Raise Capital from Ideation to Series C

Indiegogo | August 12, 2022

Today, two of the biggest names in crowdfunding, Indiegogo and StartEngine, teamed up to ensure that startups have continuous access to the capital they need. In a move that's the first of its kind, Indiegogo will now share its enormous community of entrepreneurs and backers with StartEngine for follow-on funding rounds all the way through Series C (up to $75M per year). The exclusive deal between the two constitutes an unprecedented leap forward for StartEngine and equity crowdfunding, while delivering concrete benefits for both sides: Indiegogo's community of 800,000+ founders now have an avenue to continue fundraising, while its 11M backers can further support projects they believe in. Similarly, StartEngine's investor community gets a massive influx of new investment opportunities, and companies raising on the platform can reach a larger audience. Teaming up with a global fundraising giant adds yet another layer of credibility to StartEngine's brand of equity crowdfunding and demonstrates its viability as an alternative to traditional funding sources. The collaboration between the two could not come at a better time either. After an initial post-pandemic boom in investment and soaring tech valuations, funding for startups worldwide fell 23% between the first and second quarter of 2022. Economic uncertainty and dwindling stock market returns severely impacted venture capital portfolios and deal-making activity. As a result, savvy founders are now seeking alternative funding sources to help keep their startup dreams alive. "At a pivotal moment for founders when many VC firms have slowed their pace of investments, we've joined forces with a fellow leader in crowdfunding to ensure startups consistently raise the capital they need. What we have created is a funding ecosystem from an idea stage through Series C, As we're seeing in our current economy, you never know what's coming around the corner…you protect your company by continually raising and maintaining sufficient capital." -Howard Marks, the founder and CEO of StartEngine, explains the unique advantages of joining Indiegogo and StartEngine's platforms. The Indiegogo/StartEngine startup ecosystem flow: Launch a rewards-based crowdfunding campaign on the Indiegogo platform to introduce or solidify a new concept and acquire customers. Raise funds for proof of concept and minimum viable product or prototype and build an enthusiastic community of backers. Migrate the community as the company transitions to StartEngine to launch a regulation crowdfunding campaign. Raise capital to scale the business while simultaneously acquiring new shareholders who serve as champions of the brand, motivated to see it succeed. Becky Center, the CEO of Indiegogo, believes that joining forces with StartEngine will prove immensely beneficial for the companies crowdfunding on the Indiegogo platform. Calling the collaboration "a perfect segue," Center shares, "A startup can begin raising capital with us to fortify a concept, acquire customers and scale, and when the time comes, we can pass the baton to StartEngine to help them attract shareholders and raise the rest of the way." While many founders assume venture capital funding is a necessity, Marks thinks otherwise, especially now the two crowdfunding platforms have teamed up: "The truth is some businesses may never have to take venture capital." Case in point, funds raised on Indiegogo, combined with equity crowdfunding on StartEngine – which can reach sums as high as $75 million in one round – are often sufficient for companies to reinvest and grow. About Indiegogo: Indiegogo is a global crowdfunding platform that enables entrepreneurs to go to market and raise funds from curious backers looking to support the most unique and exclusive products. Our mission is to create a worldwide network of communities that connect trustworthy, professional entrepreneurs and the enthusiasts who power their innovation. Since the company launched in 2008, Indiegogo has helped fund over 925,000 ideas and raised over $2 billion benefitting more than 800,000 entrepreneurs. The company has team members located all across the world. About StartEngine: One of the largest equity crowdfunding platforms in the U.S., led by Activision Games Co-Founder Howard Marks and Strategic Advisor Kevin O'Leary, StartEngine launched in 2015 with the mission to help entrepreneurs achieve their dreams, while enabling everyday people access to private investment opportunities. To date, over $550 million has been raised for startups and alternative assets on the StartEngine platform from more than 800,000 investors. In October 2020, StartEngine also became one of the first equity crowdfunding platforms to launch an investor marketplace where anyone can trade private securities that have raised capital via Regulation Crowdfunding and Regulation A+. StartEngine Crowdfunding Inc. is not a broker-dealer, funding portal or investment adviser. StartEngine Capital, LLC is a funding portal registered with the US Securities and Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority (FINRA). StartEngine Primary LLC is a broker-dealer registered with the SEC and FINRA/SIPC. StartEngine Secondary is an alternative trading system regulated by the SEC and operated by StartEngine Primary, LLC, a broker dealer registered with the SEC and FINRA.

Read More

NONPROFIT MANAGEMENT

New Effort to Grow the US Technology Workforce Launched by CompTIA and ConnectWise

CompTIA | July 20, 2022

A new effort to expand the nation's cybersecurity and technology workforce through paid apprenticeships was launched today by CompTIA, the nonprofit association for the information technology (IT) industry and workforce, and ConnectWise, the world's leading software company dedicated to the success of IT solution providers. CompTIA and ConnectWise made their announcement in conjunction with today's Cyber Workforce and Education Summit at the White House, where Secretary of Labor Martin J. Walsh unveiled a Cybersecurity Apprenticeship Sprint, challenging industry and labor partners to help expand Registered Apprenticeships in cybersecurity. The crux of the effort announced by the two organizations involves pairing new IT professionals, certified by CompTIA, with eager IT businesses, self-identified through the ConnectWise partner community, for registered apprenticeships. "We focus so much on top level cybersecurity experts that we forget the majority of this work is done by rank-and-file cyber professionals, who participated in the White House summit. They work with end users, maintain and secure networks and defend against phishing and other threats to keep everyone and everything working securely. It is with these frontline positions where the most sizable staffing deficits exist, something we intend to address with this program." -Todd Thibodeaux, president and CEO, CompTIA. We have thousands of partners across the IT industry who regularly tell us about the challenges of finding qualified talent, said Jason Magee, CEO, ConnectWise. With the backing of the White House, and in partnership with CompTIA as an established educator of IT professionals, we have a unique opportunity to move hiring forward by matching trained workers with a robust group of potential employers. U.S. employers deployed 714,548 job postings for cybersecurity job roles and skills during the 12-month period running through April 2022, according to data from CyberSeek™, a joint initiative between the National Initiative for Cybersecurity Education (NICE), CompTIA and Lightcast. Almost 40% of those job postings were listed in the first four months of 2022, indicating that demand is speeding up as more organizations look to strengthen defenses against a multitude of threats. As a newly designated National Program Sponsor for Apprenticeship, CompTIA will use its world-class education, training and certifications to equip apprentices with the skills and training needed for employment in technology occupations, including cybersecurity roles. More than 3.1 million CompTIA certifications are held by IT professionals around the world. ConnectWise, through its extensive network of IT service providers, is the employer partner in the new apprenticeship initiative. These service providers deliver technology solutions and support to small, mid-sized and large customers in all industries and locales, placing them on the front line of cybersecurity and support for businesses. Dozens of service providers have already expressed interest in participating in the apprenticeship program. CompTIA and ConnectWise will offer training, certification and employment opportunities in five high-demand tech occupations: Tech Support Specialist, Network Support Specialist, Cybersecurity Support Technician, Tech Project Coordinator and Data Analyst. Training is based on National Guideline Standards created by CompTIA and approved by the U.S. Department of Labor (USDOL). These standards detail the competencies in technical and employability skills that apprentices need to join the IT workforce. The ability to anticipate, identify and respond to cyber threats is essential in each of these job roles, said Amy Kardel, senior vice president for strategic workforce partnerships at CompTIA. Apprentices will receive comprehensive cybersecurity training in the knowledge and skills they will need to protect American businesses. Today's announcement expands CompTIA's involvement with IT apprenticeships. Since 2020 CompTIA has partnered with the American Institutes for Research to grow the nation's IT workforce across industries through apprenticeships, while simultaneously creating career opportunities for diverse populations underrepresented in the tech workforce, including women, individuals with disabilities and people of color. About CompTIA- The Computing Technology Industry Association (CompTIA) is a leading voice and advocate for the $5 trillion global information technology ecosystem; and the estimated 75 million industry and tech professionals who design, implement, manage, and safeguard the technology that powers the world's economy. Through education, training, certifications, advocacy, philanthropy, and market research, CompTIA is the hub for unlocking the potential of the tech industry and its workforce. About ConnectWise- ConnectWise is the world's leading software company dedicated to the success of IT solution providers (TSPs) through unmatched software, services, community, and marketplace of integrations. ConnectWise offers an innovative, integrated, and security-centric platform—Asio™—which provides unmatched flexibility that fuels profitable, long-term growth for partners. ConnectWise enables TSPs to drive business efficiency with automation, IT documentation, and data management capabilities. And increase revenue using remote monitoring, cybersecurity, and backup and disaster recovery technologies.

Read More