Michael Rubinger of LISC
Goldman Sachs Group will lend $25 million to Local Initiatives Support Corp. to finance 16 charter schools in New York City and New Jersey, Crain’s reported. LISC, a non-profit community development organization will make the money available to school operators during the next two years. “By funding [these facilities], Goldman Sachs ensures that thousands of low-income children will have access to innovative local schools that also help revitalize blighted neighborhoods,” said Michael Rubinger, president and CEO of LISC. The financing will allow the charter schools to obtain as much as $100 million in additional capital, according to a joint statement from Goldman and LISC. LISC gives grants, invests money and underwrites loans to low-income communities, and has provided $127 million in financing to 130 schools in the U.S. since 1997, the statement said. [Crain’s]