Catapult Fund Launched to Provide Public Charter Schools with Flexible Financing Solutions

Partnership between CSDC and EFF to Empower High-Impact Charter Schools in Underserved Communities

WASHINGTON, Oct. 30, 2024 /PRNewswire/ -- The Charter Schools Development Corporation (CSDC) (Now 22Beacon, www.22Beacon.org) and the Equitable Facilities Fund (EFF) are proud to announce the launch of the Catapult Fund, a groundbreaking new loan fund designed to offer flexible, affordable financing to high-impact public charter schools traditionally underserved by conventional lenders. This joint initiative leverages the expertise of both organizations to break down financial barriers for these unique public schools, particularly those led by leaders of color and schools serving economically disadvantaged students.

The Catapult Fund combines CSDC's decades of experience in real estate development and charter school financing with EFF's A-rated credit platform. Together, the partnership provides schools with customized loan products for development, construction, and operations at interest rates significantly lower than those available through other mission-aligned lenders.

Charter schools often face significant challenges in securing the necessary funding to support their growth and sustainability. The Catapult Fund addresses these challenges head-on by offering:

• Tailored Financing Solutions: The fund offers customized loan products for pre-development, construction, renovations, and working capital. These products are not widely available in the broader market.
• Lower Interest Rates: Interest rates offered through the Catapult Fund are significantly below those of comparable offerings, providing schools with substantial cost savings.
• Focus on Equity and Impact: At least 50% of the fund's loans will go to single-site schools led by leaders of color or schools with a student population where more than 65% qualify for free and reduced-price lunch.

"The Catapult Fund illustrates the power of partnership in multiplying impact. We are committed to breaking down barriers and creating more equitable opportunities for schools in underserved communities to thrive," said Alan Washington, president and CEO of CSDC. "By leveraging our strengths and aligning our resources with EFF, we're providing schools with the tools they need to create the facilities they deserve and improve educational outcomes for students."

"Our partnership with CSDC through the Catapult Fund extends our ability to reach schools that face challenges in securing conventional financing and expands our capacity to help new and early-stage charter schools achieve their potential," said Anand Kesavan, founder and CEO of EFF. "Equitable access to affordable capital has been and remains a significant hurdle for charter schools. Now, with this collaboration, we can provide the financial support needed to ensure their success."

The Catapult Fund will prioritize loans to schools in areas of greatest need, focusing initially on Arkansas, Missouri, Nevada, and the North and Southeast. This concentrated approach allows for maximum impact in communities where high-quality educational options are most critical.

Charter schools seeking to unlock their potential with flexible, affordable financing are encouraged to explore the opportunities provided by the Catapult Fund. For more information on how your school can benefit from this innovative financing solution, visit www.csdc.org/service/financing/catapult.

About CSDC
At Charter Schools Development Corporation (CSDC), we work to eliminate barriers to educational access, choice and equity for under resourced communities by providing comprehensive financing and real estate solutions to educational facilities across the United States. To learn more, visit www.csdc.org.

About EFF 
The Equitable Facilities Fund (EFF) is a 501(c)(3) nonprofit social impact fund created to provide low-cost facility loans that allow high-performing public charter schools to maximize the resources they dedicate to students. High-quality public charter schools promote bright futures for children across America, and EFF believes these schools should borrow under terms comparable to traditional public school districts. EFF administers an 'A' rated revolving loan fund, which recapitalizes using funds from Equitable School Revolving Fund's bond issuances, to offer high-credit, long-term, scalable bond investment opportunities. To learn more, visit www.eqfund.org.

To learn more about the Catapult Fund, visit www.csdc.org/service/financing/catapult.

For media inquiries, please contact:
Michele Cerwin, [email protected], (917) 584-1346

SOURCE Charter Schools Development Corporation