New Startup School Receives COE Bridge Funding
July 30, 2011 Redwood Prep Charter School in Fortuna will open its doors for the first time this month, welcoming hundreds of new students to a new school full of promise. But the opening was in jeopardy because the school's state planning and implementation grant award was delayed.
Armed with their award letter, the school's founders asked Humboldt County Office of Education if they could help out. Superintendent Garry Eagles and Assistant Superintendent Richard Hanger asked around to ensure the loan's legality, then granted $175,000 to Redwood Prep as a low-interest bridge loan, to be repaid when the planning grant funds arrive.
All charter schools should be aware that both their authorizer and county office of education are permitted by law to grant loans to charter schools, no matter how autonomous they are.