The Massachusetts Climate Careers Fund initiative was developed to help Massachusetts residents access zero-interest outcomes-based loans to support their participation and success in clean energy training programs. Through this program, MassCEC will coordinate with selected partner(s) to design, launch, and expand the effectiveness of outcomes-based loans for learners interested in entering or advancing in clean energy and climatetech careers. Funding and technical assistance will be provided to organization(s) focused on helping participants access and persist in high-quality training for in-demand climate careers like HVAC/R technicians, electricians, energy auditors, and EV mechanics, by flexibly covering individuals' specific needs. The Fund will provide 0% interest, no origination fee loans for living expenses and tuition gaps to participants engaged in high-quality training for in-demand climate careers. Through this Best Value Grant Award, MassCEC will utilize funding to support the implementation and expansion of the Program. As a condition of receipt of these funds, MassCEC will undertake the following activities: Administration: MassCEC will administer the Massachusetts Climate Careers Fund Program and shall have the sole authority to make staffing decisions related to the Program, including hiring full-time, part-time and contract staff. MassCEC shall oversee the management of all tasks related to the Program pursuant to an agreed upon Statement of Work. MassCEC shall be responsible for drafting and issuing all Program solicitations. MassCEC shall be responsible for the review, evaluation, and selection of awards under any solicitation or RFP. MassCEC shall draft and execute all contracts related to the Program, including contracts with, and management of, any required subcontractors. MassCEC shall track spending, Program performance, and any defined quantitative metrics. MassCEC shall manage invoicing and administration of the contracts MassCEC shall require the selected partner(s) to perform key fund management responsibilities, including: fiscal administration of public and philanthropic funds to hold and deploy funds for loans and associated operating expenses; financial reporting to funders and government stakeholders, including annual independent audits (with audited financials to be provided to MassCEC annually); regulatory compliance and risk management, including monitoring new regulatory developments; and facilitation of governance meetings with fund partners to assess and improve Program operations.
