KIPP Delta Elementary Literacy Academy (Helena, AR)
Financing Features: U.S. Department of Education Credit Enhancement
Hope Federal Credit Union (HOPE) and Southern Bancorp Community Partners (SBCP) partnered to provide $6,457,000 in bridge financing to fund the rehabilitation of a vacant school facility into facility for KIPP Delta Elementary Literacy Academy projected to serve a total of 598 pre-K through 6th grade students once the school is fully enrolled. HOPE’s portion totaled $2,000,000. The project allowed KIPP Delta to increase the number of children they are able to serve in Helena-West Helena. The project is facilitating the expansion of KIPP Delta’s campuses across the Arkansas Delta. The loan for $2,000,000 from HOPE was collateralized by a pro rata share in the first deed of trust on the property and a $885,000 cash security pledge from Hope Enterprise Corporation utilizing its U.S. Department of Education Credit Enhancement for Charter School Facilities grant.