A study of how social impact investing can be used to help veterans obtain needed services is being commissioned by Bank of America, the bank announced Wednesday.
Bank of America has commissioned a four-month feasibility study to be conducted this summer to examine challenges faced by veterans and how social impact investment vehicles could boost the services available to them.
The study is the latest effort by Bank of America to establish a market for social impact partnerships, or pay-for-success programs, as they are commonly known.
Bank of America, New York State and Social Finance Inc. are cooperating on another social impact program to help recently released prison inmates to find jobs. Other social impact partnerships have been started across the United States and in England. The programs are designed to raise investment capital to drive social progress.
Social Finance will conduct the veteran’s feasibility study.