Stride Funding, in partnership with Encina Lender Finance and other credit funds, aims to increase financial support for students pursuing high-impact boot camp and certificate programs across the U.S. through a $105 million senior credit facility which will enable Stride to fund thousands of students pursuing alternative education in high-growth technology and trade fields.
Stride is a provider of Income Share Agreements (ISAs) for students across higher education and alternative education, and has already partnered with schools in the upskill space, including General Assembly and SV Academy.
“This partnership is a game-changer. This is the largest facility that’s ever been raised in the space. This marks a critical inflection point for the industry as credible, well-known investors enter the market to drive scalable, low-cost capital and signal the increasing momentum of outcomes-based funding. These funding products are becoming mainstream and enable students of all backgrounds to get access to pursue meaningful careers,” Tess Michaels, founder and CEO of Stride Funding, said. “Through this partnership, we’ll be able to fund thousands of students from virtually any high-quality bootcamp or certificate program across the U.S. while doubling down on our mission to reshape education. Together, we will drive economic mobility for students previously locked out by traditional private loans.”
“Encina Lender Finance is thrilled to partner with the team at Stride Funding,” Alex Knowland, vice president at ELF, said. “Stride continues to be a leader in the alternative student lending industry and has a demonstrated history of success in the space as an originator and operator. We look forward to supporting them in their core mission of providing flexible financing solutions to students from all backgrounds and fueling economic mobility through not only higher education, but alternative education and upskilling programs.”
ELF and other top-tier credit funds join impact investors, including Ascendium Education Group, Juvo Ventures and Strada Education Network, in supporting Stride’s ISA fund. This fund opens doors and strong career pathways to students who may not otherwise be able to find financing. Unlike the 92% of private loans that require students to find a creditworthy cosigner or co-borrower, Stride does not require current income, a minimum credit score or a cosigner when determining student eligibility.
“Since launching our partnership in 2021, Stride’s ISAs have been a pivotal tool in making our immersive programs more accessible for students from diverse backgrounds,” Lisa Lewin, CEO of General Assembly, said. “This monumental facility will allow even more students across the U.S. to transform their lives and careers through skill development.”