The Volunteer Facilities Fund was created to reduce facilities costs for new, growing, and existing high-quality public charter schools, so more statewide school funding can go directly to students and academic achievement. VFF is hosted by the Tennessee Charter School Center (TCSC) and guided by an Advisory Committee of local advocates and supporters. VFF operates two complementary funds: The Established Fund for schools with an established track record, and the Emerging Fund for newer or early-stage schools not yet ready for permanent facility financing.
A Guide to the Established Fund and Emerging Fund for Tennessee Charter School Leaders
The Established Fund
The Emerging Fund
The Established Fund
Fixed-Rate Financing for Established Schools
- Goal: Help schools save money on facilities and ensure more funding is available to use for the school’s mission.
- Who it is for: charter schools with a multi-year track record of strong academic outcomes, growing enrollment, and financial stability.
- What it offers: long-term, low-cost financing to acquire a permanent facility, and/or refinancing existing facility debt.
- How it works: The Established Fund is managed in partnership with the Equitable Facilities Fund (EFF), a national nonprofit charter school facility lender. EFF identifies, evaluates, and lends to each school, and the VFF Advisory Committee provides local insight and oversight throughout. As the funds are repaid, the capital is recycled back into the fund for future investment.
- Status: The Established Fund is actively accepting inquiries and evaluating opportunities for facility investment. To date, one school has received a loan and two more are in the underwriting process.
The Emerging Fund
Flexible Capital for Early-Stage Schools
- Goal: Provide facility funding to help a school launch, stabilize, and prepare to access larger, longer-term financing opportunities, such as access to the Established Fund or other capital.
- Who it is for: new and early-stage charter schools that are not yet able to access traditional facility financing, prioritizing schools with the greatest need and fewest other options.
- What it offers: flexible, short-term capital designed as a bridge to permanent financing. Funds can be used for facility acquisition or improvement and to guarantee leases and loans. As loans are repaid or lease guarantees expire, the capital is redeployed to serve additional schools.
- How it works: The Emerging Fund will be managed in partnership with 22Beacon, a national nonprofit charter school facility lender. 22Beacon will identify and review each school’s needs while the VFF Advisory Committee provides local insight and oversight throughout. As the funds are paid back, the funding is recycled back into the fund for future investment.
- Status: The Advisory Committee is finalizing an agreement with 22Beacon as the Emerging Fund Manager. Final structure, terms, and timing are still pending final agreement so school leaders should confirm current availability with the VFF team before relying on the Established Fund in a facility timeline.
Ready to Learn More?
To learn more or discuss whether the Established Fund, Emerging Fund, or another resource fits your school's timeline, contact the VFF team through the Tennessee Charter School Center (TCSC) at facilities@tnchartercenter.org.
Established Fund
Contact dan@eqfund.org for details.
Emerging Fund
Contact info@22beacon.org for details.