The year 2013 closed with the announcement of a major New York State Social Impact Bond project with CEO, a nonprofit devoted to securing employment for reentry clients.

Based in New York City, but expanding nationally, CEO has developed a sophisticated program for providing training and support and securing employment for formerly incarcerated individuals, and for tracking the progress and needs of its participants.

The financial intermediary in this transaction is Social Finance U.S., which has been working with CEO on the project for more than two years. (The project was originally conceived as an effort to replicate the New York program in Connecticut as the nation’s first Social Impact Bond, but was not consummated when Connecticut failed to receive a federal Second Chance Act grant that was to have paid for program design and initial implementation.)

The newly-announced New York State Social Impact Bond adheres more closely to the classic protocols for SIBs which were initially advanced at the outset of the SIB movement in the U.S. More Information