The Charter School Revolving Loan Fund Program

Portal ID:
1902
Status:
Active
Opportunity Type:
  • Loan
Last Updated:
Categories:

Details

Purpose:

The Charter School Revolving Loan Fund Program provides low-cost loans of up to $250,000 to charter schools

Description:

The Charter School Revolving Loan Fund (CSRFL) Program provides low-cost loans of up to $250,000 to charter schools, with priority given to schools opening in the current fiscal year. The Authority conducts extensive credit evaluations, makes funding recommendations, executes loan agreements, creates payment schedules, disburses funds, offsets loan payments, collects delinquent or defaulted loans, and develops program fund reconciliations and projections. The Authority sends out a Listserve to announce the opening and closing of the application period.

Eligibility Requirements

Eligible Applicants:

  • Nonprofit
  • Public Agency

Please refer to the Program Regulations, Section 10170.18. Eligible Applicant.

Eligible Geographies:

Please refer to the Program Regulations, Section 10170.20 (d) . Application Review and Evaluation/Underwriting Criteria.

Important Dates

Application deadline The date (and time, where applicable) by which all applications must be submitted to the grantor.
Ongoing
Expected award announcement The date on which the grantor expects to announce the recipient(s) of the grant.
Pending
Period of performance The length of time during which the grant money must be utilized.
Up to a 5 year loan term

Funding Details

Total estimated available funding The total projected dollar amount of the grant.
$10,000,000
Expected number of awards A single grant opportunity may represent one or many awards. Some grantors may know in advance the exact number of awards to be given. Others may indicate a range. Some may wish to and wait until the application period closes before determining how many awards to offer; in this case, a value of “Dependent” will display.
Dependent
Estimated amount per award Grant opportunities representing multiple awards may offer awards in the same amount or in varied amounts. Some may wish to wait until the application period closes before determining per-award amounts; in this case, a value of “Dependent” will display.
$100,000 – $250,000
Letter of Intent Required? Certain grants require that the recipient(s) provide a letter of intent.
No
Requires Matched Funding? Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another funding source.
No
Funding Source: The funding source allocated to fund the grant. It may be either State or Federal (or a combination of both), and be tied to a specific piece of legislation, a proposition, or a bond number.
  • Other

Funding Source Notes:

The Program was originally funded as a onetime appropriation in the early 2000’s. Since then, the fund is dependent on the repayment of loans and interest awarded by the Authority, to replenish the account.

Funding Method: The manner in which the grant funding will be delivered to the awardee. Funding methods include reimbursements (where the recipient spends out-of-pocket and is reimbursed by the grantor) and advances (where the recipient spends received grant funds directly).
  • Advance(s)

Funding Method Notes:

The first of two potential loan disbursements, is up to a maximum amount of 40% of loan amount. The subsequent disbursements of the remaining 60% will occur once California Department of Education certifies the applicant’s attendance (P1 Average Daily Attendance Report), typically in mid to late March. 

How to Apply

State agencies/departments recommend you read the full grant guidelines before applying.