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Location: Seattle, Washington
Loan Amount: $10.1 million
Savings Amount: $6.5 million
School Site: www.impactps.org
Obligor Summary: Impact Public Schools Obligor Summary
Founded in 2016, Impact Public Schools (“Impact”) serves 386 students in grades K-3 around the greater Seattle Metropolitan area in Washington, and expects to grow into a four-school network that will serve approximately 2,250 students in grades TK-5. The school’s mission is to prepare a diverse student population to succeed in college and impact communities as the next generation of equity-driven, innovative leaders. Impact focuses on closing the achievement gap by operating elementary schools that focus on: Relationships, Agency, and Empowerment. The community that Impact serves is home to a large refugee and immigrant population, as most of the student body is made up of economically disadvantaged students of color. Impact has received praise from the Washington Charter School Association for their innovative academic model and exceptional results.
EFF provided a $10.1 million loan to refinance existing debt for one of their elementary schools. The project will allow the school to open two new campuses that will serve over 1,000 additional students. The 35-year fixed loan will produce over $6.5 million in savings compared to alternative financing options.
"We are deeply grateful to the full team at EFF for both their incredible support and leadership through the process and for believing in our young charter sector in Washington state. Their highly competitive interest rate sets our flagship school up for long-term sustainability, allowing more resources to go directly to classrooms. EFF was persistent and creative with us as we worked through several unforeseen challenges due to COVID-19. I can't imagine a more mission-aligned, committed, and thoughtful team to work with on this important project. Thank you for helping us prepare the next generation of equity-driven, innovative leaders!"
Jen Davis Wickens, Chief Executive Officer, Impact Public Schools