JCRIF Loan | Initial School Loan Intake Interest Form
The JCRIF loan fund is designed to be an emergency fund for borrowers and is meant to serve as a bridge to alternative source funding and ordinary course revenues. Loans for an individual institution will generally be a minimum of $150,000. With a total loan pool of approximately $10 million being allocated to day schools, an individual school may request significantly more than the $150,000 minimum. The maximum loan amount will be determined once we have a better indication as to the number of schools applying for loans and the amounts they are asking for.
Loans will be provided at 0% interest and are repayable over a 4-year period, with no payments during the first year. In general, the loans are intended for schools and other organizations facing conditions or situations in which these loans could serve as an effective bridge.
Before applying, schools should consider carefully the likelihood of future revenues enabling them to repay loans, rather than creating unhelpful pressure on finances.
Prizmah can provide guidance on the suitability of a loan for your school following completion of the short intake form below. We ask that you complete this survey by Wednesday, 5/20. Following submission of this intake form, schools will be invited to complete part-1 of a two part loan application.
While Prizmah is partnering with JCRIF to help reach schools that might benefit from this program and advising the lenders about specific conditions of day schools, itis the lenders themselves that will review submitted applications.
Final loan decisions will take into account:
● A school's capability to meet its obligations under the loan covenants/requirements
● Access to other Jewish philanthropic support
● Access to assets including cash, endowments, and building value
While this loan program is not available to Canada-based institutions, we look forward to working with Canadian schools on other grant and loan programs
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