NEW: Central Falls Gets $10M Loan from Bill and Melinda Gates

NEW: Central Falls Gets $10M Loan from Bill and Melinda Gates

One of Rhode Island’s most cash-strapped communities is getting a little help for its school system

Central Falls announced yesterday that it has received a $10 million low-cost loan from the Bill and Melinda Gates Foundation to help pay for an increase in the number of seats in five of the district’s high-performing charter schools.

The money, which will be used to provide low and no-interest loans, may ultimately lead to a number of other loans for projects at anywhere from five to seven schools.

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Central Falls Mayor James Diossa said the news was welcomed by the struggling city.