Where:
Ogden, Utah

Problem:
Maria Montessori Academy needed funding to add more space for an increasing student body

Solution:
RCAC provided a $216,000 land
acquisition loan

The Maria Montessori Academy (MMA) in Utah needed more space for an increasing student body but it lacked the funding to acquire and develop land next to its existing campus. The school had received approval from the Utah State Board of Education to amend its charter to allow it to serve up to 750 students – up from 490 students– and to add a junior high school to its kindergarten through sixth grade curriculum. This was also partly in response to an ongoing wait list of around 100 children.

RCAC provided a $216,000 loan to MMA to acquire a two-acre parcel of land adjacent to the existing school grounds. MMA plans to increase enrollment, mostly through internal growth, adding some 150 by 2016.

MMA also used some of the loan funding to remodel a space next to its gymnasium that was being underutilized. Recently, MMA received a $163,335 loan from the Utah State Office of Education (USOE) to further develop the site infrastructure and buy furniture, equipment and supplies for the portable classrooms. The school intends to lease the portable units until 2018 while it determines the feasibility of constructing more permanent buildings to serve the expected junior high school students. If determined feasible, MMA plans an additional 18,000-square foot building within the next five years.

Several years ago RCAC also loaned the school $4.87 million to finance a portion of the purchase of its existing charter school facility. That RCAC loan is guaranteed through the USDA Rural Development Community Facilities Program. Additional financing was provided via a USDA community facilities direct loan of $2.6 million.