Partners for the Common Good is proud to announce that it has joined with NCB Capital Impact to provide $425,000 of an $850,000 loan to help the Charter School Development Corporation (CSDC) acquire and renovate the Greater Heights Academy charter school, located in Flint, Michigan. Greater Heights Academy will replicate the extremely successful charter school, Holly Academy, located 20 miles south of Flint.
The Charter School Development Corporation aims to promote choice, competition, and excellence in education by financing and building great charter schools nationally. They are the only CDFI in the nation to focus exclusively on financing for newly established early-stage charter schools. CSDC closely monitors its schools post-financing to ensure the success of the charter from both an economic and academic point of view. By assigning internal letter grades to each school on an annual basis they are able to assess progress and intervene if a school receives an unsatisfactory grade.
The location of the school is ideal. The area was hit particularly hard by the decline in the automotive industry and corresponding rise in unemployment rates and is in the heart of a high needs area. Over 50% of schools in the surrounding area have been ranked “Poor” or “Below Average” by the Michigan Educational Assessment Program, with only 53% of students graduating high school in the area. Additionally, 52% of children under the age of 18 in the area are living in poverty.
This K-8 public charter school will provide its community with an exceptional educational facility that will not only educate its students but also offer other services such as afterschool programs, free tutoring, a parent university, and an annual community festival. This school will serve 205 students in an area that is in desperate need of positive educational influences.
PCG is excited about the type of impact this school will have on the community. “Quality education systems are a vital piece to the economic and social stability of any community across the world. That is one of the reasons why PCG is excited to work with the motivated and proven administrators at Greater Heights Academy as they seek to empower the children in the Flint area by offering an exceptional charter school education,” said Jeannine Jacokes, Partners for the Common Good CEO.