2019: Off To A Promising Start
The wheels have been churning at Charter Fund (CIF). Last year, on the heels of the launch of the Walton Family Foundation’s Building Equity Initiative, we got to work building our own organization. We opened our office in New York City, and built a diverse team of finance experts and charter school veterans who are committed to combating the inequity that runs rampant in America’s public school systems. We developed a comprehensive lending and credit infrastructure that took our product from concept to creation and established the foundations of a best-in-class, innovative, and trusted lending institution.
In October, we closed our first loan to The Soulsville Charter School in Memphis and in December we closed our second to Village Tech Charter School in Duncanville, Texas. Our thorough approach to credit analysis coupled with our unwavering commitment to delivering value will save the schools a combined $4.6 million over the lives of the loans. You can read more about these projects here.
Building on last year’s momentum and with strong support from our Board members, we’re on track to close 8 loans by the end of the first quarter of 2019 and re-capitalize our fund through the bond market later in the year.
We are committed to addressing the lack of access to affordable facility financing for charter schools. Our social impact fund is on a mission to transform the lending landscape by eliminating origination and underwriting fees, removing debt service reserve and equity requirements, and offering lower rates than institutional lenders and the tax-exempt bond market. By providing equal capital markets access to high quality, non-profit public charter schools across the country, we aim to affect change at the intersection of philanthropy, education, and financial markets.
For more information on our loan program, please contact us here. Feel free to reach out with any questions. You can also check out our website where you will find more information about CIF’s long term, low cost financing for charter schools and networks.
In case you missed it, see how we’re putting capital markets to work against charter school inequity.