How to Fund a Charter School
To establish and run a charter school, you will need to show funds that should cover the establishment of the school cost as the most important first step towards setting up the project. Once you have hired or constructed a building for the school, you should also have enough funds to finance salaries, equipment and other operational costs. The time for which you have to show that funds does not have a scale but the money should be substantial enough to cover all the costs until you arrange more funds or channelize the finances for running the school on regular basis.
You surely can apply for funds or collect through different sources on your own, but to start with you have to show the authorities that financially you are able to meet expense of the school’s running for a certain period without an outside help. Also, if you do not have funds in cash or bank deposits, you should be able to establish with evidence that your finance source is going to meet all the expense for the period you are able to arrange a permanent source of funds or a pool of money that will meet all the expense without any delay. Remember, you have to give salaries to the school staff, pay for utility bills, spend on maintenance and pay for all other requirements, and unless you prove that you will be doing so without any delay, the authorities will not allow you to establish the school.
Instructions
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1
Tap Local Sources
For collection of funds to meet initial costs of your charter school, you can start with exploring and tapping local sources, individuals and organisations. It is possible that you find some individual philanthropists who are willing to commit a certain amount to your school project, or some organisations to finance your school expense for a certain period. You can either write to them or visit them personally to explain the requirement and convince them to make their contributions. -
2
Apply for Government Grant
In some countries, federal government has funds established with a purpose of financing charter schools. You search for such a grant and apply with a proposal, explaining the benefits that local communities will drive out of the project and its cost. In other countries, provincial governments or education departments have such options to fund charter schools. You can search about them also and apply for the money you need. -
3
District Administration
In some regions and countries, local authorities such as district governments provide funds for running charter schools. Look in your region if the district government has such a fund and apply for a grant for your school. Local authorities do have provisions for education and funding a charter school should not be an issue for them if they are convinced that the project is necessary for the local communities. -
4
Apply for Cheap Loan Facility
If you have tried and exhausted all funding options, you can apply for a cheap-term loan facility from local bank. Sometimes banks are willing to provide finance for social projects and are rather lenient about terms and conditions. You can acquire a low-interest loan that can fulfil the requirement of initial funds to meet the admin cost for a certain period.
