This program is specifically designed to support private, non-profit educational institutions in California, making it a perfect fit for your business. By applying, you can access flexible financing options that allow you to invest in critical areas such as construction, renovation, equipment purchases, and refinancing prior debt. The potential benefit of this financing is not just the immediate funds, but the long-term impact it can have on enhancing your educational offerings and overall growth.

With market-determined fixed or variable interest rates and loan maturities that can extend up to 40 years, you can manage repayments on your terms. There is also no cap on the loan amount, meaning you'll have the opportunity to secure ample funding tailored to your specific needs. While the application does come with some fees, the unique chance to bolster your institution's capabilities far exceeds these initial costs.

Getting approved for this program is not only straightforward but also positions your institution for sustainable growth. You'll benefit from a dedicated funding source that understands the needs of educational institutions like yours, ensuring you can focus on what really matters—providing quality education.

Type of Financing

This program offers a Loan that can be used for a variety of funding needs. The interest rate is market-determined and can be either fixed or variable, depending on the loan's maturity. There is no maximum loan amount, and the maximum loan maturity is typically 40 years. The loan will have security provisions and bond covenants that align with your bond rating.

Eligible Expenses

You can use the funds for several purposes, including:

• Construction
• Remodeling and renovation
• Land acquisition
• Purchase or lease of equipment
• Refinancing or refunding of prior debt
• Costs of bond issuances and reimbursement of prior expenses

Fees Associated with the Program

Be aware of the following fees:

• A $1,000 non-refundable application fee
• An initial fee of 0.15% of the par amount up to $10 million, plus 0.05% on any amount above $10 million, capped at $75,000
• An annual administrative fee of 0.015% of the outstanding par amount, with a maximum of $12,000

• Must be a private, non-profit, post-secondary degree granting educational institution.
• Must be located in California or have educational facilities in California that are regionally accredited by the Western Association of Schools and Colleges.
• Must not factor race or ethnicity into their admissions process.
• Must offer a broad curriculum in secular subjects, using neutral information and coursework with respect to religion.
• Must have been operating for a minimum of three years prior to submitting an application for financing.
• Must provide three years of audited financial statements.
• Must have revenue or collateral sufficient to cover debt service on the proposed financing.

Disqualifications:

• Institutions that do not meet the above criteria are disqualified.

This program offers financing for private, non-profit educational institutions in California to support important projects that can help your business grow. You can use the funds for construction, renovation, equipment purchases, land acquisition, or even refinancing prior debt. This flexibility allows you to invest in the areas that will most benefit your institution.

The loan terms provide market-determined fixed or variable interest rates. Typically, these loans can have a maximum maturity of 40 years, offering you ample time to manage repayments. There is no cap on the amount you can receive, which means you can secure the funds you need to reach your goals.

While there are some fees associated with the program, such as a $1,000 non-refundable application fee, the potential benefits far outweigh the costs. With this financing, you have a unique chance to enhance your educational offerings while ensuring the sustainability of your institution.