For Immediate Release
January 3, 2012

Six districts selected for School Technology Revolving Loan Program

ISBE names local districts to benefit from low-interest loans to boost technology in schools

SPRINGFIELD — The Illinois State Board of Education today selected six school districts from across Illinois to receive a combined $618,000 from the School Technology Revolving Loan Program (STRLP). The low-interest loans allow schools to use technology for classroom instruction and staff development.

“It’s essential students keep up with technological advances so they can succeed in a high-tech tomorrow,” said State Board of Education Chairman Gery J. Chico. “These low interest loans provide another option for cash strapped districts so that they can provide the resources necessary to prepare students to succeed in college and careers.”

The districts receiving the loans and the amounts, which total $618,000, are:

The School Technology Revolving Loan Program is a 3-year loan with a 2 percent interest rate. Districts repay the loan in six payments (due on June 1 and Dec. 1 of each year). Districts that meet criteria set in law are selected on a first-come, first-serve basis. A formula dictates the maximum amount districts can receive based on enrollment. Some districts request less.

This year’s loan applicants listed plans such as purchasing projectors, interactive white boards, laptops; creating iPad labs; training staff for using technology in the classroom; upgrades to computer networks and wireless coverage; and more.

The loans can be used for a variety of technology investments, including:

Since the inception of the program in fiscal year 1999, more than $75 million has been loaned to qualified school districts. A total of 530 loans have gone to districts so far, not including FY12. Loan applications are received from June 1 to Dec. 1 every year.

In FY 2011 districts, charter schools, lab schools, area vocational centers and recognized nonpublic high schools were eligible to apply. In FY 2012, the loan was extended to qualifying districts serving grades K-8. The loan will continue to cycle in that manner.

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