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SPCSA grants $80,000 revolving loan to Do and Be Arts Academy of Excellence
Summary
The SPCSA approved an $80,000 revolving loan for Do and Be Arts Academy of Excellence to support its delayed start and facility and preopening costs; staff noted a memo typo about grade rollups and required further amendment filings.
The State Public Charter School Authority approved an $80,000 revolving loan to Do and Be Arts Academy of Excellence to support the school’s preopening facility and start‑up costs ahead of a planned fall opening.
Executive Director Frank Macca (for the record) reviewed the program history and eligibility: the SPCSA revolving loan provides low‑interest capital up to the lesser of $500 per pupil or $200,000, with repayment deducted monthly from the school’s Pupil-Centered Funding Plan payments and new schools allowed up to a 12‑month payment deferral. Macca said the current prime rate makes the loans less inexpensive than when the program began but remains a timely source of working capital for new charters.
Do and Be Arts Academy (DBAE) asked for $80,000; its submitted business plan projects 160 students in its first year of operations and indicates sufficient cash flow to repay the loan. Tanya Treadwell, identified in the record as the proposed executive director for the school, confirmed that the school intends to open with kindergarten through third grade plus grades 6 and 7 in 2025–26 and will submit a formal amendment to reflect those grade levels; staff identified a typo in the recommendation memo that misstated the rollup years.
Vice Chair Thigpen moved approval of the revolving‑loan application and allowed SPCSA staff to work with the school on budget revisions provided total funding does not exceed the lesser of $200,000 or $500 per enrolled student at disbursement. The motion was seconded and approved by voice.
Board members asked procedural questions about the memo’s grade listings and conflicts of interest were placed on the record where raised. Member Stern noted she knows two of DBAE’s board members but stated she could be impartial in the matter. SPCSA staff will coordinate final funding at the June IFC meeting and disbursement will reflect final enrollment counts and available revolving‑loan balance.
