AP NEWS

Arkansas foundation adds $300M to charter school loan funds

April 9, 2018

LITTLE ROCK, Ark. (AP) — An Arkansas foundation is giving open-enrollment schools across the country easier access to loans to buy or build school buildings.

The Arkansas Democrat-Gazette reports that the Walton Family Foundation announced Monday it’s spearheading an initiative to add $300 million into two new loan funds. One fund is for long-term, mortgage-like loans. The other is for short-term loans of up to five years.

The foundation says nearly 15 percent of charter school funds go toward facility-related expenses.

Marc Sternberg is the foundation’s education program director for kindergarten through 12th grade. He says the loan programs will add about 18,000 charter school seats by 2027. Sternberg says the funds will allow schools to put more money toward teacher salaries, after-school programs and professional development.

Arkansas has 25 open-enrollment charter schools and charter school systems.

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Information from: Arkansas Democrat-Gazette, http://www.arkansasonline.com

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