GROTON, Conn. – Charter Oak FCU said it is providing a $1.5 million member business loan package to renovate and expand the Interdistrict School for Arts and Communication, a local charter school.
The financing will provide the downtown New London charter school, located in a former YMCA, with new physical education, performance and community space. The expansion will include demolition to make way for a new larger gym, school assembly area and dedicated space for the school’s music program – described as an essential part of ISAAC’s creative arts-and-communications curriculum.
“This $1.5 million loan package will allow the ISAAC school to meet its growing needs for decades to come – and benefit all its students and faculty,” said Brian Orenstein, president of the $750-million credit union, which has expanded its MBL lending this year with loans to the Mystic Shipyard, mobile home parks, marinas and hotels.
