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National Association of Workforce Boards Adds Maycomb Capital as an Industry Partner
Impact investor to collaborate with workforce development boards across the country
MAR. 15, 2021--WASHINGTON, DC—Today the National Association of Workforce Boards (NAWB) announced its newest Business & Industry Alliance partner, The Community Outcomes Fund at Maycomb Capital. Maycomb Capital will collaborate with NAWB in planning and executing a Community of Practice (CoP) with the aim of supporting the CoP in shifting to outcomes-based contracting and leveraging private working capital loans to support operations until outcomes are achieved.
“With Maycomb Capital as a new NAWB industry partner, workforce development boards will be able to help their communities have a stronger understanding of capital loans and investments,” says Ron Painter, CEO of NAWB. “We look forward to working with them on these unique, innovative projects.”
“We are delighted to be part of the NAWB Alliance. In partnership with NAWB and its members, we intend to bring additional resources and high-quality workforce programs to communities and, by doing so, improve meaningful education and workforce outcomes for program participants,” Andi Phillips, Co-Founder and Managing Partner of the Community Outcomes Fund.
Maycomb Capital and NAWB plan to execute a Community of Practice (CoP) to highlight the advantages of working with Maycomb Capital and how partnership can assist boards in targeting their resources towards programs that work or aligning their dollars with meaningful outcomes.
For more information on NAWB’s Business & Industry Alliance, and how to become a member, please visit www.nawb.org/initiatives/business-and-industry-alliance.
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About the National Association of Workforce Boards
The National Association of Workforce Boards represents over 500 Workforce Development Boards and their 12,000+ business members that coordinate and leverage workforce strategies with education and economic development stakeholders within their local communities, to ensure that state and local workforce development and job training programs meet the needs of employers. For more information on NAWB’s latest work and new initiatives, please visit www.nawb.org.
About Maycomb Capital
The Community Outcomes Fund at Maycomb Capital
is dedicated to improving access to economic mobility by providing mission-aligned, flexible capital to expand high impact community programs. The Fund develops outcomes financing projects (also known as Pay for Success) to align public spending with measurable outcomes. For government, service providers, and communities, this approach helps shift the focus away from the cost of delivering services, towards the meaningful impact achieved and improved outcomes. For workforce development boards in particular, outcomes financing helps protect scarce resources—dollars are only spent down when individuals reach specific goals, such as job placement and retention. The Fund provides upfront working capital loans to operate services until outcomes are achieved, and the Fund forgives the balance of the loan if the outcomes fall short of expectations. The Fund has three years to deploy over $50M in capital and is actively looking for partners.
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