ISRF provides long-term, fixed-rate facility loans to nonprofit private schools — the schools universal scholarship programs depend on, but capital markets have left behind.
ISRF offers long-term, fixed-rate loans to qualifying nonprofit private schools in Florida. We exist because your school's financial health should not be limited by the cost of borrowing.
Apply for FinancingProgram capital is deployed as school loans, bonded out through tax-exempt bonds, and recycled into the next cohort of schools. The revolving structure ensures your philanthropic dollar works continuously — not just once.
Explore the Investment CaseUniversal scholarship programs have expanded demand for nonprofit private schools, but the capital infrastructure serving those schools has not kept pace. ISRF exists at the point where policy, demand, and financing need now intersect.
Florida and more than 30 states have expanded parental choice, creating a larger, more durable revenue base for nonprofit private schools.
Schools need classrooms, campuses, and permanent facilities to meet demand — but conventional bank debt often limits what they can responsibly build.
The financing mechanisms that support districts, hospitals, housing, universities, and charter schools have not been built for nonprofit private schools. ISRF is building them.
ISRF applies proven municipal bond mechanics to a market that has never had access to them.
Grants and PRIs flow into the ISRF Revolving Fund, LLC — a bankruptcy-remote Delaware entity — as the first-loss reserve layer.
ISRF lends directly to qualifying nonprofit private schools. Each loan is underwritten against five credit categories with institutional discipline.
A Florida conduit issuer issues tax-exempt bonds backed by the loan pool, dollar-for-dollar. Bond proceeds replenish the Revolving Fund.
As schools repay their loans, capital cycles back into the fund. The same philanthropic dollar enables successive rounds of school lending.
The revolving cycle is what creates impact at scale. A $50M philanthropic commitment funds $50M in inaugural school loans. ISRF bonds those loans out through a Florida conduit issuer. The Revolving Fund is replenished. It lends to the next cohort. Over successive cycles, the same dollars enable multiples of their face value in total school lending.
This is not a speculative structure. Revolving loan funds backed by tax-exempt bonds have been used for decades to finance hospitals, affordable housing, and public infrastructure. ISRF applies these proven mechanics to nonprofit private schools — a sector they have never been built to serve.
Tax-exempt finance has long supported mission-driven healthcare facilities.
Revolving capital and bond structures help expand affordable and workforce housing.
Higher education borrowers routinely access long-term capital markets for facilities.
Dedicated revolving fund infrastructure has already proven the model for public charter schools.
Revolving loan funds and tax-exempt bonds are established finance mechanisms with decades of track record across healthcare, housing, and infrastructure. What has never existed is one built for nonprofit private schools. ISRF is building the infrastructure this sector deserves — and has never had.
Nonprofit private schools — including faith-based schools — serve hundreds of thousands of scholarship students across Florida. But when it comes to facility capital, they are on their own. Bank loans with short amortization, high rates, and covenant structures designed for commercial borrowers.
ISRF exists to change that. We offer long-term, fixed-rate loans at below-market rates, structured to reflect what your school actually is: a stable, mission-driven institution with state-backed revenue and a community that depends on it.
ISRF is seeking $51.6M in combined philanthropic capitalization to launch the inaugural bond series and fund the organization to self-sufficiency. This is a first-mover opportunity in an established structure applied to a sector that has never had access to it.
Deployed as school loans and bonded out dollar-for-dollar. Capital is recycled as loans repay — it does not sit, and it is not consumed. PRI-eligible for mission-aligned foundations.
Funds ISRF, Inc. from formation through organizational self-sufficiency, projected at Year 4-5. No staff hired until the inaugural bond closes — lean pre-launch by design.
As the fund matures and AUM grows through successive bond cycles, program capital investors receive a pro-rated return. The fund is designed to scale, not to wind down.
"The mechanism is proven. The market is established. The gap is real. ISRF fills it."
Tax-exempt bonds and revolving loan funds have transformed financing for hospitals, housing, and higher education. Nonprofit private schools — including thousands of faith-based schools serving scholarship students in Florida and across the country — have been left entirely outside these mechanisms.
ISRF was founded to close that gap. We are a nonprofit social impact fund organized under Florida law, applying proven financing mechanics to a sector that universal scholarship programs have transformed but capital markets have not yet caught up to.
Our commitment is simple: make it easier and less expensive for nonprofit private schools to build, buy, and own the facilities their students deserve.
Our underwriting reflects institutional best practices in nonprofit facility lending. Conservative parameters, disciplined process, and a nine-phase lending cycle designed to protect borrowers and investors alike.
Every loan we make puts more money in a classroom and less in a lender's pocket. That is not incidental to our work. It is the entire point.
The tools we use are established. The market we serve is not. We are disciplined about what we are building and transparent about where we are in building it.
Co-founded 50/50. Governed equally. Every decision at ISRF reflects the conviction that the best outcomes come from balanced leadership.
ISRF was co-founded by two professionals with complementary expertise — one in municipal bond issuance, one in school finance underwriting — who share a conviction that nonprofit private schools deserve better capital.
10 years in municipal bond finance and conduit bond issuance. $5.8B+ in tax-exempt bond issuance. Executive Director of a Florida conduit bond issuer. B.S. Finance, Florida State University; MBA, University of West Florida.
Extensive background in nonprofit and independent school finance underwriting, credit analysis, and facility lending. Credit Committee Chair with final underwriting authority. National network across independent and faith-based school sectors.
Whether you lead a school exploring facility financing options or a foundation considering a program-related investment, we want to hear from you. ISRF is in formation — early conversations shape what we build.