Step Reinvestment Fund

Service Providers: Nonprofit Lender
107
schools supported
$ 535,223,652
in financings

  • Alabama, Delaware, District of Columbia, Florida, Georgia, Louisiana, Maryland, Mississippi, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Tennessee

  • less than one year 
  • one to three years 
  • more than three years of operating history or one charter renewal
  • charter management organizations
  • stand-alone schools
  • single-site schools

Reinvestment Fund is a mission-driven financial institution committed to making communities work for all people. We bring financial and analytical tools to partnerships that work to ensure that everyone has access to essential opportunities: affordable places to live, access to nutritious food and health care, schools where their children can flourish, and strong, local businesses that support jobs. We use data to understand markets, communities, and impediments to opportunity—and how investment and policy decisions can have the most powerful impact. Since our inception in 1985, Reinvestment Fund has provided over $2.7 billion in financing to strengthen neighborhoods, scale social enterprises, and build resilient communities.

Terms (Years)
Acquisition loans1-2
Construction loans1-2
Mini-permanent loans5-7
Permanent loans30
Predevelopment loans1-2
Working capitalN/A

Maximum financing for a single project$16,950,000
Maximum amortization (years)30

Key Statistics:

Financial Overview
U.S. Department of Education (ED) Credit Enhancement$23,375,750
New Markets Tax Credit (NMTC) allocation total$663,400,000
Community Development Financial Institutions Bond Guarantee Program (CDFI BGP) allocation total$130,000,000

Portfolio Statistics
Total historic financing1$535,223,652
Number of schools/projects supported107
NMTC allocation employed for charter facilities$106,106,000
Number of schools supported with NMTC12
CDFI BGP allocation deployed for schools$86,604,250
Number of schools supported with CDFI BGP15
Remaining capacity in CDFI BGP allocation$0

Portfolio Performance
$ amount of financing repaid/refinanced2$369,716,997.16
NMTC matured/refinanced$85,029,500
Total number of transactions3203
Original $ amount of defaults4$20,566,090
Number of defaults4
Default rate (% of total $ amount of financing)3.64%
Default rate (% of total number of financings)1.97%
$ amount write-offs$2,776,009.44
Number of write-offs2
Write-off rate (% of total $ amount of financing)0.49%
Write-off rate (% of total number of financings)0.99%

Footnotes:

1Financing defined as grants, recoverable grants, loans, and guarantees.

2Includes full repayments only; does not include partial amortizations or restructurings.

3Number includes only those financings with a repayment obligation; it excludes grants.

4A defaulted loan is defined as one in which the school can no longer make debt service payments and the lender must litigate or foreclose for repayment. This figure represents the loan amount at origination, not the amount outstanding at default.

Last updated: January 2022

Disclosure: Information on this page has been provided by the organization. Any questions related to figures or programs listed should be directed to the contact shown above. Keep in mind that each school’s situation will differ slightly and you’ll need to speak to the contact listed for information specific to your school.