It is crucial for charter management organizations to provide teachers and students with the latest technology to differentiate the learning experience and grow enrollment. While this is a top priority, purchasing student laptops and classroom devices for dozens of schools can have significant budget implications.
One of the fastest growing K-12 charter management organizations in New York City needed more than $7 million in funding to purchase Chromebooks for thousands of students, in addition to replacing classroom Smartboards and outdated MacBooks for teachers. Due to the scope of the project, the organization was looking for a financing solution that would allow them to rent or purchase the different types of equipment as needed during the school year.
First American developed a large lease line to meet the organization’s technology goals. The structure allowed the organization to purchase student Chromebooks as needed for their 1:1 initiative. The organization leveraged financing to improve cash flow and spread out payments over several years.
In order to keep classroom technology current in each school, the organization established a three-year renewal program for faculty MacBooks and Smartboards. The rental program created budget consistency year over year. The term also aligned with the useful life of the technology to avoid obsolescence.
First American’s unique financing solution helped the charter management organization meet the increasing technology needs of its school system. New faculty and classroom devices provided teachers with the resources required to properly educate students in the digital world. Placing computers in the hands of students fostered collaboration outside of the classroom and helped prepare them for college.