Kudos to JP Morgan Chase!

JPMorgan Chase announced today a $325 million initiative to support the growth of high-performing U.S. charter schools in today's challenging credit environment.

"Many charter schools have expanded access to academic opportunities for students in all types of communities, so we shouldn't let tough economic times bring them down," said JPMorgan Chase Chairman and CEO Jamie Dimon. "Improving educational opportunities is a cornerstone of JPMorgan Chase's philanthropic giving."

The bank will provide $50 million in grants to community development financial institutions (CDFIs) focused on funding charter schools. In turn, these institutions will use these grants as permanent equity, which they will leverage to fund top-performing charter schools.

Additionally, JPMorgan Chase will work with the CDFIs to provide about $175 million in debt and approximately $100 million in New Markets Tax Credit equity to support the development of charter school facilities. This will allow the CDFIs to access Obama Administration financing programs designed to help charter schools meet facility needs.

JPMorgan Chase estimates that this initiative will help underwrite about 40 charter schools, which will serve more than 50,000 students throughout the term of the loan.

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press release

May 4, 2010, 1:36 p.m. EDT · Recommend · Post: