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Aspire Public Schools

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CHALLENGE

High-performing Charter Management Organizations (CMOs) needed to access bond markets after the market collapse of 2008. Bonds issued on behalf of charter schools are perceived as a higher risk than those issued on behalf of traditional public schools, although charter schools usually receive much less funding for facilities. General market challenges after 2008 further restricted financing options for CMOs

PROGRAM STRATEGY

CMOs are critical partners in developing and demonstrating new approaches to achieve better outcomes for all students in the broader education system. Our goal is to eliminate financing disparities between traditional public schools and charter public schools to ensure the long-term stability of CMOs. We also want to signal charter sector soundness and support to capital markets.

PARTNER

Aspire Public Schools
Top-ranked large charter school system in California serving predominantly low-income students

Foundation Focus:  provide affordable facility financing to high performing CMOs

INVESTMENT

Partial backstop guaranty on partners’ bonds  
Date: April 2010
Co-Guarantors: Schwab Foundation and NCB Capital Impact
Associated funding: grant to NCB Capital Impact to serve as financial intermediary

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