Equitable Facilities Fund

#Gratitude Thank you Mike! After six years of dedicated service, EFF bids farewell to Mike McGregor.?Throughout his career, Mike has been a steadfast advocate for equitable education and has shown an unwavering commitment to helping children thrive in roles ranging from teacher to COO of a multi-state charter school network.?As EFF’s COO, he has left an indelible mark on our organization and the communities we serve through his role overseeing our capital raising, strategy, finance, and talent operations, and as a member of the senior leadership team. ? Mike has been an exceptional leader, and his contributions over the years have been instrumental in advancing our mission.?During his tenure, we closed over $1.3 billion in loans supporting academic outcomes for more than 120,000 public charter school students, all while helping schools save over $240 million.?Under his leadership, we also surpassed $400 million in philanthropic and governmental contributions, expanded our state funds, launched our Leaders of Color initiative and maintained our ‘A’ rating from Standard & Poor’s.?Additional achievements include co-founding the Education Finance Analyst (EFA) program, guiding our strategic planning, and establishing valuable partnerships that have deepened our impact with education champions nationwide. ? As he transitions from EFF, Mike is excited to spend more time with his wife Maria and their two daughters, and he looks forward to sharing more in the coming months about work aimed to improve financial and education access in communities across the U.S.? We extend our deep gratitude to Mike for his years of dedication and the positive change he helped create for our school partners and our sector.?We wish him the best and look forward to seeing him continue to make a difference for years to come.

Equitable School Revolving Fund (ESRF) has closed its latest raise of over?$350 million?of A-rated "Social Bonds." In the sixth bond issuance since EFF's 2017 launch, ESRF has now achieved terms comparable to many traditional school districts for the first time, finally placing public charter schools, particularly those that serve low-income students and students of color, on equal financial footing. Read more below:

BIG NEWS:

?? Huge?congratulations?to EFF’s two EFA Program analysts Angel Purganan and Julio Castillo Jr. on completing their Capstone projects! ?? Their projects not only provided hands-on practice and showcased the skills gained before and during our Summer Foundations Program, but also delivered meaningful contributions to their workplaces. We’re incredibly proud of how they’ve shared their learnings, knowledge and expertise with the entire cohort, and we look forward to seeing the continued impact they’ll make in the field of education finance! ?? Julio and Angel are the third cohort of EFAs to be embedded at EFF along with our partners at?Afton Partners,?Civic Builders,?Self-Help Credit Union, and?Charter Schools Development Corporation (CSDC).

Let's hear it for the Heartland! Last week, the EFF team celebrated the launch of the #HeartlandFacilitiesFund in Little Rock alongside local funders, school and state leaders and national partners. The fund — only the second of its kind nationwide —?will provide a dedicated and perpetual funding resource for high-performing public charter schools looking to open or expand in Arkansas and the surrounding region. EFF will administer the $100 million fund, which will create 7,500 seats over the next five years. Learn more here: https://lnkd.in/exYpecxr

Grateful to be a part of this deal, and all the groundbreaking work happening for students and schools through the Nevada Facilities Fund. Futuro Academy Charter School may be the first, but thanks to support from our on-the-ground partners at Opportunity 180 we are just getting started. “Nevada leaders decided that the status quo for students simply wasn’t good enough. They worked across the aisle, enlisted local education experts and attracted national investor capital to create a solution that not only grows high-quality schools in perpetuity, but offers a roadmap to other states who want to do the same,” Kesavan said. “Through Futuro, Nevada is showing us what the power of public-private partnership can unlock for schools, students and families.”

Check out this excellent piece on stronger accountability for all public schools by our Nevada Facilities Fund partner and Opportunity 180 CEO Jana Wilcox Lavin:

The power of partnership is hard at work in the Silver State! We are pleased to welcome Futuro Academy Charter School as our latest school partner, and the first Nevada #publiccharter to receive a loan through the innovative Nevada Facilities Fund. Serving 450 students in grades K-5 in a former grocery store, Futuro has transformed the educational landscape for lower-income students of color and ELL learners in East Las Vegas. The NVFF loan will be used to purchase its previously leased facility, saving the school $130,000 annually and directing more resources into the classroom. Launched in 2023 thanks to a bipartisan,?public-private partnership, the Nevada Facilities Fund is operated by our local partners and friends at Opportunity 180 Learn more about NVFF here:?https://lnkd.in/gZHgbihQ ?

The EFF team gathered from across the country this week at Lone Rock to reconnect and reflect on our mission and founding values - to ensure that every high-impact #publiccharterschool has a pathway to affordable facility financing. We also welcomed our newest board member, City Fund's Marlon Marshall!

Meet Durham Charter School – the oldest public charter school in North Carolina and one of EFF’s latest school partners. Located in downtown Durham, the school serves 750 students in grades K-10, with plans to grow to serve all grades and 1,350 students by 2028. Led by Alex Quigley since 2017, Durham’s impressive trajectory and track record of innovation and excellence has earned them the 2022 National Title I School of Distinction and a 2023 YASS Prize Quarterfinalist spot. The $26.5 million loan from EFF will help Durham continue to expand and serve more students through the construction of a new 77,000 sq/ft facility for its students, 98% of whom identify as students of color.