The US job market has performed exceedingly well since the COVID-19 recession in 2020. The unemployment rate was just 4.1% at the end of 2024, one of the lowest figures in history. Employers are also aggressively competing for talent due to shortages of qualified employees. Statistics indicate that there’s a growing skills gap in the US and the world at large, particularly in manufacturing and construction. Projections by the National Association of Manufacturers show that there will be more than 2 million unfilled vacancies in the manufacturing industry by the year 2030.
However, underserved communities have not always enjoyed the benefits of a booming economy and strong job market. These communities continue to experience economic inequality and limited access to career opportunities, and data supports this. For instance, the unemployment rate for Black males is nearly twice as high as that of white males, a ratio that’s been consistent for the past 50 years.
This is where Climb Credit, a student payment platform, comes in. Climb provides affordable loan options for students from all backgrounds, including underserved communities, to finance skills-based training programs from select schools. Its goal is to make career-focused education affordable and accessible.
Challenges Underserved Communities Face
Underserved groups face many systemic barriers in the US that limit workforce development and economic mobility.
Limited access to traditional financing
According to the Joint Economic Committee, both people of color and low-income communities are more likely than their white and high-income counterparts to have no usable credit. Data from the Federal Reserve shows diversity and inclusion have a long way to go in traditional financing, because loan denial rates are much higher among people of color, including Black and Hispanic adults. Without access to financing, members of these communities can’t raise enough funds to pay for college or any other upskilling courses.
Lack of awareness about career pathways
When it comes to communities like those in rural or low-income areas, they can often lack outside educational enrichment, which is crucial for awareness about career pathways. Schools in these communities in many cases aren’t provided the resources to expose students and youth to career options and opportunities. For instance, a rural school may not have access to STEM coursework — this could lock students in that community out from well-paying careers in fields like computer science, engineering, IT, and finance, unless they’re allowed the opportunity to access the keys.
Need for flexible training options
People in underserved communities often face a number of barriers to education. They may have to work while caring for children or other family members, which makes it challenging to attend classes. They may not be able to afford leaving their current job in order to attend a full-time program. Moreover, many don’t have cars to travel to and from school. Flexible training options like part-time, online, hybrid learning are essential to allow them to access skills development opportunities.
How Climb Credit Can Help
Climb Credit recognizes the challenges and unique needs that underserved communities face in the pursuit of economic mobility through career training. That’s why its platform focuses on affordability and accessibility.
Unlike traditional financing options, Climb Credit doesn’t require applicants to have a particular credit score for many of its payment plan products, and it offers a range of flexible repayment options. Climb has also partnered with alternative education providers, such as career training programs and online bootcamps, to help students learn specific career skills.
Climb’s services don’t stop at offering alternative financing. It offers career resources to support individuals throughout their journey. With its ClimbTalent platform, students and graduates of their partner schools, regardless of whether or not they used Climb payment options, can access job listings, mentorship opportunities, and resume enhancement resources — for free.
Success spotlight
Climb Credit has played a huge role in many upskilling and reskilling journeys.
Billy Bosco moved to the US in 2018. When he decided to become a commercial trucker, he realized that he needed to get a CDL permit first. Unfortunately, the tuition was too expensive for him to pay out of pocket. Climb Credit stood out to him because of how easy the loan process was.
“I liked that I could choose how I was going to make the payments myself,” says Billy, who mentions that this made him feel comfortable because he was “just starting out.” He recognizes that without Climb, he wouldn’t have followed his preferred career path or had as much freedom as he does today.
Make the First Step Toward a Rewarding Career
For those who feel like the odds are against them when it comes to upskilling or reskilling, Climb Credit can help. Individuals can explore the website to learn more about financing options or apply for a loan to start building their career.
Climb (NMLS 1240013) encourages students to do thorough research in selecting a training program that meets their unique needs. Details provided by Climb are for information purposes only and are not meant to qualify an institution or be relied upon in determining which institution is right for you.