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 until December 1 each 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 fiscal year 2019, districts, charter schools, and nonpublic schools recognized pursuant to 23 Ill. Adm. Code 425 (Voluntary Registration and Recognition of Nonpublic Schools) housing ninth through 12th grades are eligible to apply. In FY 2020, the loan will be extended to qualifying districts serving kindergarten through eighth grades. The loan will continue to cycle in that manner. Loan payments are due twice a year — on June 1 and Dec. 1, or on March 1 and Sept. 1. Loans receive a 15-day grace period. Any loan payment not received within those 15 days is charged a 5 percent penalty.