School Technology Revolving Loan Program (STRLP)(updated 5/31/16)
The School Technology Revolving Loan Program (STRLP) is a 3 year loan with 2 percent interest rate. Since the inception of the program in fiscal year 1999, over $87 million has been loaned to qualified or approved school districts. Loan applications are received from June 1 to Dec. 1 every year. Decisions on loans can be made in September/October, December, March and/or May of each year, depending on the number of applicants and available funding.
In FY 2017, districts, charter schools, lab schools, area vocational centers and nonpublic schools recognized pursuant to 23 Ill. Adm. Code 425 (Voluntary Registration and Recognition of Nonpublic Schools) housing 9th through 12 grades are eligible to apply. In FY 2018, the loan will be extended to qualifying districts serving Kindergarten through 8th grades. The loan will continue to cycle in that manner. Loan payments are due two (2) times a year; on June 1 and Dec. 1, or March 1 and Sept. 1, of each year. Loans receive a 15 day grace period. Any loan payment not received within those 15 days is charged a 5 percent penalty.