LENDonate secures $ 29 million tax-exempt bond for California Crosspoint Academy amid COVID-19 pandemic
OAKLAND, Calif .– (COMMERCIAL THREAD) –LENDonate, an Oakland-based fintech company, announced another customer success, this one amid the COVID-19 pandemic. LENDonate’s nonprofit lending platform helped secure a $ 29 million loan through public bond issue for California Crosspoint Academy (CCA), a 501 (c) (3) accredited Christian school based in Hayward, California. The CCA is now able to expand its range of services to cover Kindergarten to Grade 12 and enhance its existing award-winning academic programs.
LENDonate’s online lending platform unites nonprofits with lenders, including financial institutions, philanthropic organizations, and accredited investors for efficient financing of high quality and affordable nonprofit loans. This unique platform helps investors discover mission-driven nonprofits looking for a loan to fund projects, increase nonprofit strategic working capital, or close a gap between an expected fundraising event or grant.
“We were looking for capital to finance a new construction project, but finding willing lenders amid a global pandemic, political turmoil and the current state of the economy has proven to be extremely difficult,” said the CCA Superintendent, Dr Robin Hom. “Fortunately, with the help of LENDonate, we were able to fully fund the project, which allowed us to expand our range of services to cover Kindergarten to Grade 12 and provide facilities to support our school for all 10 to the next 15 years. ”
LENDonate assessed the financial strength of CCA and helped prepare the organization for the complex bond issuance process, which saved the school at least $ 500,000 by raising enough capital to simultaneously complete phases one and two of construction. Despite a year of unprecedented challenges, LENDonate’s efforts have proven successful in bringing the CCA to the finish line by securing all the necessary construction funds.
The CCA’s vision is to have a comprehensive preschool to grade 12 curriculum encompassing academics, athletics and the arts as well as an international component. Now, with this funding secured, construction has started on a new three-story building that will house a new kindergarten, elementary school and residence. An 8,000-square-foot gymnasium with competitive basketball and volleyball courts, a fitness center and locker rooms, and a 400-seat event center will also be added to complete the vision.
“From the start, we recognized the strength of the ACC with its award-winning academics, tenure and dedication of its leadership, faculty, staff and the entire school family,” said founder and CEO of LENDonate, Vivienne Hsu. “With its track record, CCA’s vision for this expansion was what made this bond attractive to large institutional investors. The existing hybrid virtual and immersion international curriculum in schools has also been impressive, enabling an overnight transition to distance learning for the whole school with the onset of COVID-19 . ”