School Technology Revolving Loan Program
The School Technology Revolving Loan Program (STRLP) is a 3 year loan with 2% interest rate. Since the inception of the program in FY99, over $83 million (589 loans) have been loaned to qualified or approved school districts. Loan applications are received from June 1st – December 1st every year. Decisions on loans can be made in October, December and March of each year, depending on the number of applicants and available funding.
In FY2015, districts, charter schools, lab schools, area vocational centers and nonpublic schools recognized pursuant to 23 Ill. Adm. Code 425 (Voluntary Registration and Recognition of Nonpublic Schools) housing 9th through 12th grades are eligible to apply. In FY2016, the loan will be extended to qualifying districts serving Kindergarten through 8th grades. The loan will continue to cycle in that manner. Loan payments are due on June 1st and December 1st, or March 1st and September 1st, of each year. Loans receive a 15 day grace period. Any loan payment not received within those 15 days is charged a 5% penalty.