Revolving Loan Fund
The purpose of the Schools of Hope Revolving Loan Program is to provide assistance to Schools of Hope operators to meet building construction needs and pay for expenses related to the startup of a new charter school. The program shall consist of funds appropriated by the Legislature money received from the repayment of loans made from the program, and interest earned.
The Legislature has to date appropriated $100 million to the Revolving Loan Fund. The Department has selected Building Hope as the third-party administrator for the Fund.
The following payments have been made to Hope operators:
IDEA Public Schools -- $7,969,479, in September 2020, for its location at 5050 10th Avenue, Tampa, Florida
IDEA Public Schools -- $8,152,777, in March 2021, for its location at 11612 N. Nebraska Avenue, Tampa, Florida
IDEA Public Schools -- $8,155,501, in March 2021, for its location at 1845 Bassett Road, Jacksonville, Florida
IDEA Public Schools -- $8,155,501, in May 2021, for its location at 2354 University Boulevard, Jacksonville, Florida
IDEA Public Schools -- $8,155,501, in February 2022, for its location at Lenox and Lane avenues, Jacksonville, Florida
KIPP Miami -- $9,835,470, in March 2022, for its location at 11380 Northwest 27th Avenue, Miami, Florida (Miami-Dade College – North Campus)
IDEA Public Schools -- $7,715,788, in April 2022, for its future location at 10414 Hart Pond Road, Thonotosassa, Florida
IDEA Public Schools -- $9,280,594, in June 2022, for its future location at 625 Reynolds Road, Lakeland, Florida
IDEA Public Schools -- $9,280,594, in July 2022, for its future location at 4949 Blanding Boulevard, Jacksonville, Florida
Mater Academy -- $9,418,258, in December 2022, for its location at 230-260 Southwest 7th Road, Miami, Florida
KIPP Miami -- $10,460,997, in January 2024, for its location at 1080 Northwest 79th Street, Miami, Florida
Total Revolving Loan Fund payments: $96,580,460