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Economy

A Nonprofit Looks to Create a Financial Market for Job Training

The organization Pursuit has sold a $10 million bond to finance its job training program. Now it needs participants to pay down the debt with their future earnings. 

Rook Soto, pictured with his son, was an early participant in Pursuit’s job training and income share program.

Rook Soto, pictured with his son, was an early participant in Pursuit’s job training and income share program.

Photographer: Chantal Heijnen/Pursuit

For a year, Rook Soto commuted from his job at a Manhattan hospital to a coding boot camp in Queens and then back home to the Bronx. Sometimes, the 43-year-old would fall asleep on his subway ride home.

The marathon days paid off, with Soto landing a job making $85,000 at Accenture Plc, more than double his previous salary. But there was a catch. For the next two years, Soto said he paid about $900 a month to Pursuit, the nonprofit that ran the coding boot camp and connected him to Accenture. While the total amount far exceeded the cost of some similar courses, Soto would do it all over again.