Local Initiatives Support Corporation
Service Providers: Nonprofit Lender
- one to three years of operating history
- more than three years of operating history or one charter renewal
- charter management organizations
- stand-alone schools
- single-site schools
Local Initiatives Support Corporation (LISC) equips disinvested communities with the capital, strategy, and know-how to become places where people can thrive. Working with local leaders, LISC invests in housing, health, education, public safety, and employment—all basic needs that must be tackled at once so that progress in one is not undermined by neglect in another. In addition to providing financing for charter school facilities, LISC provides financing technical assistance and leasehold improvement loans. Available products are detailed below:
| Terms (Years) | |
|---|---|
| Acquisition loans | 3 |
| Construction loans | 3 |
| Mini-permanent loans | 7 |
| Permanent loans | 18 |
| Predevelopment loans | 2 |
| Working capital | 2 |
| Maximum financing for a single project | $10,000,000 |
| Maximum amortization (years) | 25 |
Key Statistics:
| Financial Overview | |
|---|---|
| U.S. Department of Education (ED) Credit Enhancement | $53,500,000 |
| New Markets Tax Credit (NMTC) allocation total | $993,000,000 |
| Community Development Financial Institutions Bond Guarantee Program (CDFI BGP) allocation total | $50,000,000 |
| Portfolio Statistics | |
|---|---|
| Total historic financing1 | $316,801,074 |
| Number of schools/projects supported | 360 |
| NMTC allocation employed for charter facilities | $127,984,788 |
| Number of schools supported with NMTC | 13 |
| CDFI BGP allocation deployed for schools | $39,399,000 |
| Number of schools supported with CDFI BGP | 9 |
| Remaining capacity in CDFI BGP allocation | $16,101,000 |
| Portfolio Performance | |
|---|---|
| $ amount of financing repaid/refinanced2 | $106,846,221 |
| NMTC matured/refinanced | $58,284,788 |
| Total number of transactions3 | 114 |
| Original $ amount of defaults4 | $4,775,000 |
| Number of defaults | 3 |
| Default rate (% of total $ amount of financing) | 1.68% |
| Default rate (% of total number of financings) | 1.16% |
| $ amount write-offs | $2,295,768 |
| Number of write-offs | 3 |
| Write-off rate (% of total $ amount of financing) | 0.81% |
| Write-off rate (% of total number of financings) | 1.16% |
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.