ImpactAlpha, April 23 – The impact investment fund of Community Foundation for Greater Atlanta put $1 million into the Low Income Investment Fund to create a financing vehicle for earlier stage charter schools in Atlanta’s lower income communities. The U.S. Department of Education also provided funding.
“Throughout the nation and many parts of metro Atlanta, children of low-income families are attending poorly performing schools,” said Mark Crosswell of the Community Foundation. “At the same time, mission-driven charter schools can’t find the capital to launch in these markets.”
LIIF is a national leader in charter school financing, with $680 million invested through December. The community development finance institution will partner with redefinED Atlanta, a local education organization, to assess the performance and potential of metro Atlanta schools.
GoATL Fund was launched last year with $10 million from the Community Foundation for Greater Atlanta and has made $4.25 million in flexible loans for community development, education, nonprofit effectiveness and well-being.