The Enhancement Fund

The first $40 million of The Enhancement Fund (TEF) is available to finance new facilities for charter schools serving low-income families, where a majority of students receive a free or reduced-price lunch.

What is The Enhancement Fund (TEF)?

The Enhancement Fund is a $60 million loan pool designed to provide charter schools with access to affordable, long-term financing for facility acquisition, construction and leasehold improvements. States eligible for TEF include: Florida, Georgia, Ohio, Michigan, Wisconsin and Minnesota. TEF loan requirements/offers are:

• Loan Size: $500,000 to $8 million
• Purpose: Acquisition, Construction, Refinance, or Renovations
• Loan Term: 15-25 years
• Amortization: up to 25 years
• Equity Requirement: As low as 10% of appraised value or cost of renovations
• Fixed Interest Rate: Highly competitive market rate; Lock rate for up to 24 months in advance (early rate locks)
   

How can I access these or other funds?

Not sure if The Enhancement Fund is right for your needs? Call to see if your school qualifies, or what other NCB Capital Impact loan programs may be right for your facilities. New Markets Tax Credit financing also available.

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