MindSet Charter Schools / School for Entrepreneurship & Technology (SET)

Mindset Charter Schools, which prepares students to thrive in a global, tech-driven society through the School for Entrepreneurship & Technology (SET), sought funding to cover a delay in state reimbursements. As a result of state budget cuts related to COVID-19, the projected amount of funding dropped substantially for the 2020–2021 fiscal year (FY). Even though SET has seen an increase in enrollment during the pandemic, and is subject to all expenses related to new students, their current funding is based on 2019–2020 enrollment numbers, which do not reflect the recent increase in enrollment. Part of the SBNLP loan will be used to refinance a current loan and the rest of the capital will be used to cover major monthly expenses such as payroll, rent, and utility bills. SET anticipates that deferred payments from the state along with their increase in enrollment will result in a higher amount of funding in FY 2021–2022, allowing them to comfortably repay this loan.