Since June 6, 2002, the U.S. Department of Education has awarded 30 grants worth $221,967,855 to 19 grant recipients. As of September 30, 2009, the cumulative accomplishments of these grantees include:

• Providing 335 charter schools, about 7 percent of charter schools nationwide, with access to financing to help them acquire, build, lease, or renovate schools facilities; and
• Supporting or enabling $1.9 billion in total financing for charter school facilities.

These accomplishments do not reflect the work of two grantees that have not had their grants long enough to report on their activities. As the activities supported by the grants progress over the grants’ 10- to 30-year life spans, and grant funds recycle, we anticipate that the benefits they produce will continue to grow.

Of the 335 charter schools that received credit enhancement money through the program, only $335,000, or less than two-tenths of one percent of all funds awarded, has been lost to default. This low percentage is contrary to the perception of charter schools as risky debtors. These low default rates, combined with earnings on the grant funds, enable grantees to

• Recycle funds after the charter schools repay their guaranteed facility debt;
• Increase the size of their grants; and
• Compound their leveraging.