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.
The Building Equity Initiative helps public charter schools overcome barriers to better serve students
This is one in an ongoing series of brief conversations with education innovators led by Greg Richmond, founder and former CEO of the National Association of Charter School Authorizers. His “Three Questions For” series also appears on Medium. Today’s edition: three minutes with Anand Kesavan, chief executive officer of the Equitable Facilities Fund, a nonprofit social-impact fund that offers low-cost, long-term facility financing for high-quality charter schools.
Equitable Facilities Fund Announces First Verified Social Bonds for Education in the US
$204 million in verified Social Bonds proceeds will help finance public charter schools that are providing transformative educational opportunities for students, especially in low-income and under-resourced communities.
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: New Bedford, Massachusetts
Enrollment: 650
Loan Amount: $21 Million
Savings Amount: $7.1 Million
School Site: www.almadelmar.org
Ratings Direct: Alma del Mar Charter School
Obligor Summary: Alma del Mar Charter School Obligor Summary
Founded in New Bedford, MA in 2011, Alma del Mar Charter School (“Alma”) serves 650 students in grades K-8 across two campuses. Alma’s mission and curricula seek to put students on a college trajectory and challenge them to be service-oriented leaders. The teachers and staff at Alma have done an exceptional job promoting the academic success of their students, as the school’s proficiency rates in ELA and math are typically two to three times as high as the surrounding district’s. Alma prides itself in serving a diverse student body that reflects the New Bedford Community, including 31% of students who are English Language Learners.
EFF provided a $21 million loan to finance the construction of a 55,000 sq. ft. facility which will serve as home to 594 students at the network’s Alma II campus. The school secured a 30-year loan, fixed-rate loan that will produce over $7.1 million in savings compared to alternative financing options.
"We were so impressed with what EFF brought to this process. Unlike traditional lenders, they have a deep knowledge of our model and our needs as a charter, which meant we were able to engage in a substantive process quickly and create a deal that honored our specific mission, needs and timeline. EFF clearly knows that the time and resources we save working with them on this project go directly to kids and classrooms-- it was great working with a partner who shared this value."
-Will Gardner, Executive Director, Alma del Mar Charter School
Location: Arlington, Texas
Enrollment: 1548
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
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