OneCalifornia Bank continues to be a leading lender to local non-profit organizations with its recent loan to Lighthouse Community Charter School. This loan, by helping hundreds of Oakland students over the next several years, will have a long-term impact on the community of Oakland.
Founded as a charter school in 2002 with just 92 students in its K-12 school, Lighthouse started out with a goal of preparing a “diverse K-12 student population for college or a career of their choice by equipping each child with the knowledge, skills, and principles to be a self-motivated, lifelong learner.” Of its current student body of 650, 80% is low-income, 72% is ESL (English as a Second Language), and 90% is from families where no one has gone to college. But in just seven short years, both the school and its students have come a long way. Lighthouse Community Charter School is sending all 21 members of its first graduating class–which graduated this past June–off to college in the fall.
As Lighthouse’s student body continued to grow, so did its need for a larger space. Its K-6 and 7-12 campuses have become too cramped over the past few years. Moreover, the high rents for these spaces have drained valuable program dollars; Lighthouse is a charter school and a 501(c)(3) non-profit, and charges no tuition, meaning its source of revenue comes from donations.
Instead of continuing to rent a small place, Lighthouse took on an $11 million renovation of two existing warehouse and office buildings off of Hegenberger Road. OneCalifornia Bank is providing a $2 million loan to aid Lighthouse Community Charter School in its undertaking. This loan will help Lighthouse undertake its renovation project, which will provide ample classroom space, as well as science and media labs, art studios, a library, and outdoor recreation space.