During the 2021 legislative session, the Indiana General Assembly awarded $75 million to INvestEd to create the Indiana Career Accelerator Fund (ICAF), the first publicly funded income share agreement (ISA) program in the nation. The ICAF serves an important public policy objective for the State of Indiana by funding sub-associate degree training to qualify workers for high wage, high demand jobs.
Faegre Drinker represented INvestEd and collaborated with executive and legislative branch officials in creating the legal infrastructure and framework to launch the program in six months, including the legal structure, program policies, and selection of origination and servicing partners. Through this process, Faegre Drinker supported INvestEd by qualifying the education programs that can access the ICAF program and drafting the ISA documents that students will sign. The Faegre Drinker team also provided advice on the federal American Rescue Plan Act (ARPA) and related federal and state funding sources.