Charter School Bridge Loan Application
To bridge the receipt of per pupil funds for operating costs for start-up charter schools
$100 non-refundable application fee
CONTACT INFORMATIONOrganization Name
Tax ID
Website
Address
City/State/Zip
Contact Person
Phone
LOAN REQUEST
Loan Amount (up to $250,000): / $ / Will borrower own or lease the facility? / OWN / LEASE
Other Financing Outstanding or Anticipated:
Creditor / Current Balance / Purpose / Maturity Date
$
$
$
Underwriting will consist of the review of the charter school’s: A) Financial Information, B) Program Information, and C) Operating Information. To complete the application, please provide the following items:
A. FINANCIAL INFORMATIONPlease provide the following financial information for the charter school:
- / Detail behind the operating expenses to be bridged. Please complete the attached Bridge Loan Budget.
- / Current fiscal year budget. Budget must be in a workable Excel model.
- / Monthly cash flow projections for the first year of operations, which include revenue and expense line item detail and underlying assumptions. Identify operating costs to be bridged in start-up months. Projections must be in a workable Excel model.
Per pupil rate – regular education students: / $ / Per pupil rate – special education students: / $
B1. PROGRAM INFORMATION - Charter Status
Please provide the following charter information:
- / Copy of charter application and charter agreement.
Date of charter award: / Maximum number of students school is chartered to serve:
Name of charter authorizer:
- / When must the school report total enrollment to its authorizing entity?
- / What items does your authorizing entity require for final approval? Please provide a list and update of outstanding items.
B2. PROGRAM INFORMATION - Enrollment
Please provide the following enrollment information for the charter school:
- / Max. approved enrollment for Year 1:
- / Projected enrollment by grade for Year 1 and the current waiting list by grade.
- / Describe the student recruitment plan.
- / Estimated percentage of students:
eligible for free- or reduced-price lunch / % / with disabilities or requiring special education / %
with limited English proficiency / %
- / Estimated student demographics:
Asian / % / Native American / %
Black / % / White / %
Hispanic / % / Other / %
B3. PROGRAM INFORMATION - Academic
Please provide the following academic information for the charter school:
- / Brief history of the school and founding group (include annual reports, brochures, newsletters, etc.).
- / Summary of the school's mission-specific goals and how the school will assess whether it is meeting these objectives.
- / Describe the need for this charter school in its neighborhood. What other educational options are in the area?
B4. PROGRAM INFORMATION - Management
Please provide the following management/governance information for the charter school:
- / Organizational chart with all key management team members.
- / Resumes/bios for key leaders.
- / Projected number of employees in Year 1: / Full-Time / Part-Time
- / How many employees have been hired?
- / Describe the school’s staffing plan and recruitment for any remaining positions.
- / If charter school has a contract with an educational management organization or business service provider, please describe the services performed and contract terms and provide a copy of the agreement.
- / Estimated staff certification levels (what is required by the school’s authorizer?).
- / List of board of directors, which includes race, gender, and professional expertise of each member.
- / Copies of the last three board meeting minutes, if available.
- / Copy of 501(c)3 tax determination letter.
C. OPERATING INFORMATION
Please provide the following operating information:
- / Date for the first day of school. Provide a timeline with milestones leading to the opening of the school.
- / If applicable, describe facility upgrades required to open the school (scope of work, estimated cost, key individuals performing the work, and the timeline for completion).
- / Copy of lease, agreement of sale or deed showing ownership of property (whichever is applicable).
- / What is the total square footage of the school building?
Signature and Authorization
The undersigned applicant(s) do hereby represent and warrant that the information contained on this form, and any attachments submitted in conjunction with this application, is complete and correct. Furthermore, the applicant(s) warrants that, within any guidelines mandated by its charter authorizer, it will ensure equitable access by all students, regardless of gender, race, national origin, color, disability or age.
Furthermore, applicant(s) authorize Reinvestment Fund and/or any of its subsidiaries or affiliates to obtain credit references and credit reports on the business and to release credit information to others. All applications are subject to final credit approval. Reinvestment Fund and its affiliates reserve all rights to publicly announce the approval, commitment or closing of any loan.
By: By:
Title: Title:
Date: Date:
Please include check for $100 non-refundable application fee made payable to Reinvestment Fund.
Questions?
Please contact
Molly Melloh
By phone: (215) 574-5892
By email:
Website: www.reinvestment.com
To Submit:
Mail completed application, $100 application fee and supporting documentation to:
Community Facilities Lending
Reinvestment Fund
1700 Market Street, 19th Floor
Philadelphia, PA 19103-3904
Attention: Molly Melloh
Email:
BRIDGE LOAN BUDGET
Loans may total up to $250,000 and are structured to bridge a start-up charter school’s first installments of per pupil payments. Expenses to be bridged are limited to operating expenses necessary to the opening of the facility which could include facility and instruction-related expenses.
Below, please detail: 1) operating expenses to be bridged; and 2) the projected timing of when these expenses will be incurred.
Projected timing of expense incurrenceBridge Loan Budget / May / June / July / Aug. / Sept.
Facility Costs
$ / $ / $ / $ / $ / $
$ / $ / $ / $ / $ / $
$ / $ / $ / $ / $ / $
$ / $ / $ / $ / $ / $
$ / $ / $ / $ / $ / $
$ / $ / $ / $ / $ / $
Instruction-Related Costs
$ / $ / $ / $ / $ / $
$ / $ / $ / $ / $ / $
$ / $ / $ / $ / $ / $
$ / $ / $ / $ / $ / $
$ / $ / $ / $ / $ / $
$ / $ / $ / $ / $ / $
Other Operating Costs
$ / $ / $ / $ / $ / $
$ / $ / $ / $ / $ / $
$ / $ / $ / $ / $ / $
$ / $ / $ / $ / $ / $
$ / $ / $ / $ / $ / $
$ / $ / $ / $ / $ / $
TOTAL / $ / $ / $ / $ / $ / $
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