LIIF and Deutsche Bank Partner to Support Expansion of Universal Pre-K in NYC
The Low Income Investment Fund (LIIF) is pleased to announce the kick-off of a new partnership with the Deutsche Bank Americas Foundation to support universal prekindergarten (pre-K) expansion in New York City. The $250,000 Deutsche Bank Pre-K Capacity Fund provides bridge financing to community-based pre-K providers to renovate and build out their facilities in advance of the 2015-2016 academic year. Through the fund, pre-K providers that have preliminary contracts with the New York City Department of Education have access to a new source of interest-free capital.
“The Deutsche Bank Pre-K Capacity Fund will help to create more opportunities for high-quality early learning for children in New York City,” said Kirsten Shaw, Director, Eastern Region, at LIIF. “To date, the fund has provided $190,000 in recoverable grants to support readiness for over 200 new and converted pre-K seats at six centers. We are proud to partner with Deutsche Bank on this initiative, which supports the mayor’s Pre-K For All program to ensure every child in the city is prepared for success in school and beyond. Access to quality early education is particularly important for the low income children and families LIIF serves.”
In January 2014, New York City Mayor Bill de Blasio unveiled a two-year plan to make pre-K universal in the city. Known as Pre-K For All, the initiative will bring full-day pre-K to 70,000 four-year-olds. The Deutsche Bank Pre-K Capacity Fund provides access to capital to help providers be ready for the academic year. The program builds on LIIF’s strong track record of investments in early learning programs, which have supported more than 250,000 spaces for children nationally.