Working Capital Lines of Credit from Nonprofit Finance Fund
One of CCSA's partners in the financial sector, the Nonprofit Finance Fund (NFF), has stepped up to help address the painful state payment delays impacting our members. NFF is offering working capital lines of credit (up to $2 million) for eligible charter schools to bridge state aid apportionment deferrals and/or delays in funding for enrollment growth.
As the lead lender for the CCSA's 2010-11 Growth Loan and Emergency Loan programs, NFF is an expert in charter school funding in California. Given the challenging cash flow situation in California, NFF has developed a loan product with an ongoing application process and flexible structure to better meet our members' needs in 2011-12.
Eligibility Guidelines
Organizational Requirements
- Charter school with current membership with the California Charter Schools Association
- Valid charter authorizing your school to operate through June 30, 2012
- Two full years of operations at minimum at the time of application (doors open September 2009 or prior).
- Acceptable academic performance trends
Financial Requirements
- Fund Balance to Annual Budgeted Expenditures ratio - minimum of 5%
- Projected net operating margin (net operating income divided by total revenues) for FY2011-12 must be a minimum of 1.0%.
- Applicants must submit cash flow projections for the full 12 months of FY2011-12
The above Eligibility Guidelines represent minimum eligibility requirements and do not constitute automatic qualification or approval for a Working Capital Line of Credit from NFF. Charter school applicants will be assessed on above criteria and additional requirements as part of NFF's standard underwriting process.
To Apply
Please fill out this survey, and a representative from NFF will contact you within three business days.