Frequently Asked Questions

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What is Equitable Facilities Fund (EFF)?

EFF is a nonprofit social impact fund created to help high-performing, high-impact charter schools maximize their resources for students. Our mission is to make it easier and less expensive for charter schools to put down roots in sustainable facilities – ultimately allowing our partner schools to spend more time and money helping students achieve academic success, and less on repaying loan costs.

How does the EFF program work?

By providing long-term, low-cost, fixed-rate loans to finance school facilities, EFF aims to transform the lending landscape. EFF partners with charter schools that have proven their ability to have a highly positive impact both on their students and on their communities and works directly with these partner schools to secure low-cost loans for school facilities. Our ability to borrow at high-grade tax-exempt rates allows us to provide access, transparency, and credit security to impact-oriented investors, and to transfer these savings to our partner schools.

When do you plan to begin making loans?

We are currently accepting applications. Please reach out to us at

What are EFF’s eligibility criteria for schools?

All of our partner charter schools will be nonprofits that have at least three years of operating experience and have established strong academic performance track records. For our first round of funding, schools should have stable enrollment, be in good standing with their authorizer and serve a high percentage of low-income students. Borrowers comprise single site schools, regional networks, and national CMOs.

Broadly, we are committed to identifying and supporting a diverse cohort of schools making a dramatic impact for their students and communities, and with solid financials. We expect our partner schools to establish permanent roots and, over time, support thousands of students toward success in college, careers and life – and for that reason, our typical loans are structured much like a home mortgage: a 30-year amortizing loan with a low-cost fixed interest rate.

What kinds of projects are eligible?

Projects eligible for EFF financing include refinancing existing debt, acquisition of land or facilities, and expansion projects.

How is a loan from EFF different from commercial bank loans or CDFIs?

Our long-term, fixed-rate loans allow schools to eliminate refinancing risk and reduce or eliminate equity requirements. Our typical loans provide 30-year amortization and are not bound by loan-to-value requirements.*

How is a loan from EFF different from conventional tax-exempt bonds?

EFF loans are long-term, permanent loans with a fixed interest rate, and in this manner an EFF loan is similar to that of a conventional tax-exempt bond. However, unlike charter school bonds, EFF loans have more favorable terms for charter schools, including the potential for low-interest costs, no reserve funds, simple legal documentation, and low transaction costs. These benefits lead to lower monthly payments for the school and more money to the classroom.

Where do you operate?

EFF provides financing to not-for-profit charter schools or charter management organizations throughout the United States, where permitted by law.*

*Rates and terms are subject to change, and restrictions may apply.

Click here for more info on how EFF loans are priced.