Construction of New Classrooms, Residence Hall, Gymnasium and More Now Underway
LENDonate, an Oakland-based fintech company, announced another customer success, this one amidst the COVID-19 pandemic. LENDonate’s nonprofit lending platform helped secure a $29 million loan through a public bond issuance for California Crosspoint Academy (CCA), an accredited 501(c)(3) Christian school based in Hayward, California. CCA is now able to expand their scope of services to cover preschool through 12th grade and enhance their existing award-winning academic programs.
LENDonate’s online lending platform unites nonprofits with lenders, including financial institutions, philanthropic organizations and accredited investors for efficient funding of high quality, affordable nonprofit loans. This unique platform helps investors discover mission driven nonprofit organizations seeking a loan to finance projects, boost strategic nonprofit working capital or bridge a gap between a fundraising event or expected grant.
“We were looking for capital to finance a new construction project but finding willing lenders amidst a global pandemic, political unrest, and the current state of the economy proved extremely difficult,” said CCA Superintendent Dr. Robin Hom. “Thankfully, with LENDonate’s help, we were able to fully fund the project, allowing us to expand our scope of services to cover preschool through 12th grade and provide facilities to support our school for the next 10-15 years.”
LENDonate evaluated CCA’s financial strength and helped prepare the organization for the complex bond issuance process, which allowed the school to save at least $500,000 by raising enough capital to complete phases one and two of construction simultaneously. Despite a year of unprecedented challenges, LENDonate’s efforts proved successful in getting CCA to the finish line by securing all of the needed construction funding.
CCA’s vision is to have a complete preschool through 12th grade program encompassing academics, athletics and the arts as well as an international component. Now, with this financing secured, construction has commenced on a new three-story building that will house a new preschool, elementary school and residence hall. An 8,000 square-foot gymnasium with competition 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 inception, we recognized the strength of CCA with its award-winning academics, tenure and dedication of its leadership, faculty, staff and entire school family,” said LENDonate Founder and CEO Vivienne Hsu. “Together with its track record, CCA’s vision for this expansion was what made this bond attractive to major institution investors. Also impressive was the schools existing hybrid virtual and immersion international program which provided an overnight transition to distance learning for the entire school with the onset of COVID-19.”
View source version on businesswire.com: https://www.businesswire.com/news/home/20210224005334/en/