Charter School Rolls Get Boost

A program designed to boost enrollment at California charter schools has helped get nearly 5,000 mostly low-income children off waiting lists and into high-quality classrooms, charter school officials said Wednesday.

The Charter School Growth Loan Program was created by the California Charter Schools Assn. and taps banks and lenders to provide loans to schools to help them expand.

Since the program began two years ago, loans nearly doubled from $5.5 million to $10 million. This year alone, 28 public charter schools were able to place 2,818 children who otherwise would have remained on waiting lists.

“This is a good example of a public and private partnership that is great for public schools and banks,” said Caprice Young, charter association president and chief executive. The banks earn interest off the loan, while “parents and children benefit by having greater school choice. It’s good business all ... around.”

The loan program is vital, Young said, because new public charter schools typically face a four- to six-month lag from when a new student arrives to when the school receives state funding.

The loans can be used to hire more teachers, buy books and add space. So far, all of the schools have repaid lenders in full and on time.

In the Los Angeles Unified School District, the program has helped more than 2,000 students get into charter schools.

Under the program, View Park Preparatory Charter Schools in South Los Angeles enrolled 550 additional students, said founder and head of school Michael D. Piscal.

View Park, which opened in 1999, will have five campuses next year and has about 5,000 students on its waiting list.

“The program has been phenomenal,” he said. “We were able to get a loan of $1 million last year and $450,000 this year. Now that so many charter schools have been successful, banks now find us credit worthy.”

The loan program is expected to increase to $13 million next year to fund spaces for 3,500 new students at 35 schools, officials said. Lenders include Prudential Social Investments, the Low Income Investment Fund, NCB Development Corp., Local Initiatives Support Corp. and Raza Development Fund.