School Technology Revolving Loan Program
The School Technology Revolving Loan Program (STRLP) is a 3 year loan with 2 percent interest rate. Since the inception of the program in fiscal year 1999, over $84 million (602 loans) have been loaned to qualified or approved school districts. Loan applications are received from June 1 to Dec. 1 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 FY 2015, 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 ninth through 12th grades are eligible to apply. In FY 2016, the loan will be extended to qualifying districts serving kindergarten through eighth grades. The loan will continue to cycle in that manner. Loan payments are due two (2) times a year; on June 1 and Dec. 1, or March 1 and Sept. 1, of each year. Loans receive a 15 day grace period. Any loan payment not received within those 15 days is charged a 5 percent penalty.