Project Impact:
- 16,540 sq. ft. additional space
- 415 students served
- 100 adults annually served by new programming
- 48 permanent and 35 construction jobs created
PARTNERS
NCIF: $6.3 million NMTC allocation
CDFI Bank: First Eagle Bank
Large Bank: JPMorgan Chase Bank
Erie Elementary Charter School (EECS) completed an addition to its main school building, adding additional classroom and meeting space, as well as a computer lab, library, gymnasium, and rooftop playground. The addition allowed the school to provide new programs such as community recreational activities and adult education courses including job training and English as a Second Language courses.
Following the addition, the school now has the capacity for 415 students in grades K-8. Approximately 90% of EECS’s student population is low-income and qualifies for reduced or free lunch.
As a lender to the Erie Elementary Charter School project, First Eagle Bank was able to book a high-impact loan, generating income to support the sustainability of the bank’s mission and operations. The bank also built a relationship with Erie Elementary, paving the way for both mutually-beneficial business and for additional high-impact collaborations in this Chicago community. IFF, also a CDFI, contributed a loan to the development.