Nonprofit Finance Fund Awarded $12 Million Charter School Credit Enhancement by Department of Education
New York, NY – February 7, 2023 - Nonprofit Finance Fund (NFF) has been awarded a $12 million grant through the United States Department of Education's Credit Enhancement for Charter School Facilities Program to expand lending to community-centered charter schools.
"For decades, public charter schools have been a fundamental part of the United States education system – especially for young people of color,” says NFF CEO Aisha Benson. “This credit enhancement empowers NFF to offer flexible, affordable financing to the public charter schools that help our youth thrive.”
The Credit Enhancement program helps charter schools acquire, construct, and renovate new or existing facilities by creating easier access to the capital they need to succeed. Through this grant, NFF will support start-up and single-site schools led by and serving people of color, which aligns with NFF’s strategic goal of deploying 50%+ or more of their lending capital to BIPOC-led, community-centered organizations.
This grant from the Credit Enhancement program will support NFF's loans for predevelopment costs, leasehold improvements, construction, renovation, and bond guarantees. This is the second time that NFF has been awarded funding to support charter schools through the Credit Enhancement program since 2018.
NFF's expertise in charter schools’ unique business models and financial drivers allows NFF to provide truly customized support and flexible terms for each of our clients. We currently offer facility loans, working capital loans, equipment loans, and New Markets Tax Credits financing to charter schools in Alabama, California, Colorado, Florida, New Jersey, New York, Pennsylvania, Rhode Island, Tennessee, and Texas.
To learn more about NFF's work with charter schools, visit the Charter School Lending section of our website, view our list of current charter school lending clients, or read this profile of Ascend.
About Nonprofit Finance Fund
Nonprofit Finance Fund® (NFF®) is a nonprofit lender, consultant, and advocate. For more than 40 years, we’ve worked to strengthen nonprofit organizations and improve the way money flows to social good. We believe that alongside others we must build a more equitable and just social sector, and are committed to helping community-centered organizations led by and serving people of color access the money and resources they need to realize their communities’ aspirations. To learn more, visit https://nff.org/.
# # #