NC H291

Establishes a revolving loan fund administered by the State Board of Education to provide start-up funds to newly chartered schools.

Limits loans to a maximum of $25,000 per charter school with no interest charged on the loans.

Requires loans to be repaid in 12 equal monthly installments beginning when the school receives its initial state fund allocation, or over the same period if the school does not operate for the full 12 months.

Appropriates $1,575,000 for fiscal year 2013-2014 and $1,575,000 for fiscal year 2014-2015 to fund the revolving loan program.

Becomes effective July 1, 2013.