Google is using its $100 million Google Career Certificates Fund to launch a new job training program aimed at preparing over 20,000 workers for higher-paying career opportunities.
On Thursday, Google CEO Sundar Pichai and U.S. Secretary of Commerce Gina Raimondo announced the launch of the new fund with a goal of driving $1 billion in aggregate wage gains, FOXBusiness reported.
The “innovative” program will “equip people with job-ready skills in fields like data analytics, IT support, project management, and UX design with three to six months—with no degree or experience required,” Google said.
The advisory nonprofit Social Finance is one of three nonprofits working with the public, private, and social sectors to form partnerships and investments “that measurably improve lives,” the tech giant added.
“We are excited to support Social Finance to help expand economic opportunity for more Americans with our new $100 million Google Career Certificates Fund,” Pichai said.
“This innovative funding model brings together digital skills training and support services to connect more Americans to high-growth, high-paying jobs,” Pichai continued.
“We hope it will be transformative for people, their families, and their communities.”
Along with Social Finance, which designs student-friendly financing and repayment plans, Google is working with two other nonprofits on the initiative. Year Up is an organization aimed at upward mobility programs for the disadvantaged. Merit America provides tech training for adults without a bachelor’s degree.
The training organizations will be paid partially for their resources upfront and receive additional payments only if their graduates land and keep higher-paying jobs. The program will use Google philanthropy and interest-free loan repayments from students for funding.
Students will begin repaying the loans only if they get a job that pays at least $40,000 a year. The payments will be about $100 a month and continue for a maximum of five years.
“I genuinely think this is one of the important areas for society to figure out,” said Pichai said, who hopes the fund will serve as a “template for other companies to do more.”