Building Hope Launches Hurricane Relief Loan Program
The nonprofit is providing Hurricane Ian-damaged charter schools with accelerated, low-interest loan funds of up to $100,000 per school, with no fees or collateral
WASHINGTON, October 05, 2022–(BUSINESS WIRE)–Building Hope, a nonprofit foundation dedicated to creating high-quality K-12 charter school opportunities for students through its expertise in real estate, finance, and Operational Services, today announced the creation of an accelerated loan product to help fund the immediate needs of charter schools due to catastrophic flooding and damage from Hurricane Ian.
“Our hearts go out to those who are hurting during this difficult time,” said Building Hope Services President Richard Moreno. “We are releasing immediate resources for storm-affected charter schools, so schools can quickly begin work to rebuild facilities to continue bringing hope to their communities by providing innovative, quality education to their students. students.”
In immediate response to Hurricane Ian, Building Hope is offering financial assistance to impacted charter schools in the form of a Hurricane Assistance Loan of up to $100,000.
“A bridge loan provides immediate funds, while schools wait for FEMA or insurance companies to process claims and provide reimbursements,” said Building Hope Finance President Robin Odland.
The loan has an interest rate of 3%, a repayment term of 24 months and is payable monthly via ACH. There are no loan fees and charter schools do not need to post collateral.
The loan application is available on the Building Hope website. Charter school applicants can expect a response within 1-2 business days once the complete application is submitted. Questions can be emailed to Building Hope Services President Richard Moreno at [email protected]
About Building Hope
Building Hope is a non-profit foundation created to support public charter schools. Since 2003, Building Hope has increased the capacity of charter schools nationwide by providing facilities, financial and operational services, so schools can devote more time and resources to educating students. Building Hope has supported 300 charter school projects and 150,000 students in 20 states and the District of Columbia, providing more than $363 million in direct loans, credit enhancements and equity investments to support 1.9 billion dollars in building schools.
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