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Learn about Equitable School Revolving Fund, including Featured News, Loan Portfolio, and Program Administration Team.
Equitable School Revolving Fund is a nonprofit social impact fund created to provide long-term, low-cost facility loans that allow high-performing charter schools to maximize the resources they dedicate to students.
High-performing charter schools promote bright futures for children across America. ESRF believes these schools should borrow under terms comparable to traditional public school districts.
ESRF is an "A" rated pooled fund that offers high-credit, long-term, scalable bond investment opportunities.
EFF is proud to announce the closing of a $25.6 million loan to Not Your Ordinary School (NYOS) in Austin, TX. This 30-year, fixed-rate loan will **finance the construction of a state-of-the-art facility **that will catalyze NYOS's growth and provide a high-quality education option for more Austin families. The loan will save the school approximately $9 million, providing additional resources to support students, teachers, and leaders. We are grateful for our exceptional funders, investors, and the entire NYOS community for making this high-impact partnership possible.
Founded in 1998, NYOS serves 1,063 students in grades PK-12 and will nearly double in size over the coming years. The school’s culture, commitment to families, and diverse-by-design model have contributed to a reputation as one of Texas’s best public charter schools. NYOS consistently outperforms the state and its sending district on Math, ELA and SAT/ACT tests and has earned distinction as one of the nation's best high schools from US News and World Report. You can read more on EFF's partnership with NYOS here.
I hope that you and your loved ones are staying well during this time of uncertainty. Like all of you, we’ve been grappling with the impact of the COVID-19 crisis on our friends and families, the public education sector, and the global community.
In the midst of these challenging times,I am grateful to share two things with you:
1. Exemplary Leadership
I am humbled and inspired by the extraordinary work schools across the country are doing as they continue to educate students and provide essential services to communities.
2. Recent High-Impact Loan Closings _
Like our school partners, EFF is dedicated to tackling the challenges of these unprecedented times. We continue to focus on delivering value and putting money back in the classroom where it belongs. Our collaborative, problem-solving approach culminated in the closing of two low-cost, long-term, fixed-rate facility loans over the last month to KIPP New Jersey in Newark and Renaissance Arts Academy in Los Angeles.
Founded in 2002, KIPP New Jersey has grown to serve over 4,700 K-12 students, 90% of whom are economically disadvantaged. The school provides a high-quality education option to families in Newark, and its students outperform their wealthier peers throughout the state. EFF provided a $21.5 million loan to finance the acquisition and renovation of a former Newark Public School building. The 30-year, fixed-rate loan will save the school $2.4 million.
Renaissance Arts Academy serves 540 students in grades TK-12, 65% of whom come from low-income families in Los Angeles. RenArts has a 15-year history of exceptional student outcomes, including top 10% statewide test scores. EFF provided a $16.1 million loan to finance the acquisition of the school that RenArts previously leased. In addition to financing a permanent home, the 30-year, fixed-rate loan will save the school $3.5 million.
EFF remains committed as ever to its mission to provide equitable financing for high-quality public charter schools. We are proud to partner with schools like KIPP New Jersey and Renaissance Arts Academy that offer excellent education options for all students.
At EFF, we believe all great public charter schools deserve equitable access to low-cost, long-term facility financing. I’m reaching out today with a few pieces of exciting news as we continue along our journey to promote high quality education options for all students.
High-Impact Loan Closing: Caliber Public Schools
We're very pleased to announce the closing of a $14.3M loan to Caliber Public Schools. Founded in 2014, Caliber’s Richmond and Vallejo campuses have established reputations as two of the region’s best schools. Their mission to “shift the experiences, expectations and outcomes for students in historically underserved communities” deeply resonates with our work at EFF. We’re proud to finance the acquisition of a permanent home for Caliber’s ChangeMakers Academy campus in Vallejo.
Caliber was able to take advantage of historically low, long-term rates and EFF’s philanthropy- enhanced loan program to put money back in the classroom where it belongs. Congratulations to Caliber and keep up the excellent work!
Location: Los Angeles, California
Enrollment: Network: 12,982; Obligated Group: 8,154
Loan Amount: ~$28.0 million to advance refund bonds (Expected to close 9/30/2019)
School Site: www.laalliance.org
Ratings Direct: Alliance for College-Ready Public Schools
Obligor Summary: Alliance for College-Ready Public Schools Obligor Summary
Founded in 2004, Alliance College-Ready Public Schools is one of the largest charter school networks in the nation, operating 25 high-performing middle and high schools that educate nearly 13,000 students from Los Angeles’ most underserved communities. 95% of Alliance scholars have graduated from high school and been accepted to college, and the network’s schools have been recognized amongst the best in the nation by U.S. News and World Report, Newsweek, and the US and California Departments of Education.
Equitable School Revolving Fund has committed to funding a $28.0 million, 30-year, fixed-rate loan to Alliance to advance refund bonds used for the construction of two middle school campuses and to refinance a New Market Tax Credit transaction.
Location: Arlington, Texas
Loan Amount: $15.8 million
School Savings: ~$6.5M over 22 year term
School Link: www.acaedu.net
Ratings Direct: Arlington Classics Academy
Obligor Summary: Arlington Classics Academy Obligor Summary
Arlington Classics Academy (ACA) was founded in 1999 by a group of parents who wanted their children to experience an accredited curriculum that includes Spanish, Art and Music in small classroom settings and is predicated on high expectations for all students. ACA now operates across three campuses and serves 1,500 students in grades K-9. The school has earned the highest charter school designation under the Texas Education Agency’s accountability system since 2007. The strength of ACA’s academic program is rooted in continuous assessments and monitoring where students are encouraged to not just focus on where they are, but where they are “growing.”
Equitable School Revolving Fund provided a $15.8 million dollar loan to advance refund Series 2010 Bonds which were used to finance the construction of one facility as well as refinance previously issued debt. ACA locked in a 22-year fixed rate, fully amortizing loan, saving the school up to ~$6.5M over 22 years compared to the 2010 issue.
“Working with the staff of ESRF was truly a pleasure. It was immediately recognizable that their mission, as well as ours, was to return dollars to the classroom by reducing the cost of debt and debt issuance. The students and teachers of Arlington Classics Academy will notice the benefits of our partnership with ESRF for years to come.”
– Craig Sims, Executive Director of Schools, Arlington Classics Academy
Location: Phoenix, Arizona
Loan #1 Amount: $10.62 million to advance refund bonds
Loan #2 Amount: $8.5 million to advance refund bonds
Total School Savings: $8.4 million
School Site: www.goasa.org
Ratings Direct: Arizona School for the Arts
Obligor Summary: Arizona School for the Arts Obligor Summary
Arizona School for the Arts (ASA) – one of Arizona’s first charter schools – opened its doors in 1995 to 155 students in grades 7-10. Since then, ASA has expanded its campus to enroll 850 students in grades 5-12. The school utilizes a unique curriculum that blends rigorous academics and the performing arts, nurturing both artistic and academic minds. Recognized by the Department of Education as an Arizona Civic Engagement School of Excellence, ASA encourages their students to “think critically, communicate successfully and make well-reasoned decisions”. The school has also consistently earned an ‘A’ letter grade representing “excellent performance” from the Arizona Department of Education.
In 2019, EFF provided a $10.62 million, fixed rate, 30-year loan to ASA to advance refund bonds that financed the acquisition, expansion and renovations of its campus, saving the school approximately $4.7 million over the loan term.
In 2020, EFF provided ASA with an additional $8.5 million loan to refund bonds that were used to expand and renovate the school’s campus in 2011. This loan will save the school an additional[Savings Amount] compared to alternative financing options.
“The Equitable Facilities Fund provided Arizona School for the Arts with an unprecedented opportunity to refinance and dedicate more of our resources where they make the most impact – toward our Mission to provide innovative college preparation infused with the performing arts. Using the savings, ASA can now look to the future to create more noteworthy opportunities for our students and support our incredible faculty. The EFF team were knowledgeable and easy to work with. They fit right into our orchestra – skillfully playing their part so that we can play ours!”
– Leah Fregulia, Head of School / CEO