There's a great need for high-performing secondary schools in Los Angeles, especially those that are focused on technology and preparing students for college. We're currently operating a network of 20 public charter schools, but we're hoping to expand.
We were looking to find and fund a new facility for an existing middle school as well as start a brand new high school that is approved to open in fall 2012.
Overall, it's a $21 million project that has been funded by multiple sources, including a $5.5 million loan from the Low Income Investment Fund (a community lender that received funding from the Starbucks program).
We had been looking for lenders for about two years, and without this piece of funding, we would not have been able to break ground and provide the jobs for the neighborhood.
We started construction in January, which we estimate will support 70 jobs from the beginning to end. Once the schools are open, we expect the new high school to employ 35 workers and the middle school to employ about 30.
I didn't even know about the Starbucks wristbands before, but I was so pleased to hear about the linking of community lenders with creating jobs. Our chief goal is to create small high performing schools. Every time we get funding to create new schools it also creates new jobs.
- Judy Burton, president and CEO
The Gelato Fiasco got a loan funded by a Starbucks campaign to open up shop down the block.
