As public schools, charters receive public funding for operations but no funds for furniture and equipment, and bricks and mortar. Ayers and others knew Chicago’s charters desperately needed some capital funding and proposed establishing a revolving loan fund for them. The plan called for the School Board to provide the capital and the IFF to provide the management. Katie Kelly, a management consultant working with LQE, proposed the idea to Ben Reyes, then chief operating officer for CPS. Reyes took it to School Board President Gery Chico, and the board appropriated $2 million.