About The California Endowment's Program-Related Investments (PRI) RFA
The California Endowment along with our CDFI partners NCB Capital Impact and Community Health Center Capital Fund released a request for application (RFA) on August 22, 2013 to California Community Health Centers whose activities contribute to The Endowment’s 10-year Building Healthy Communities plan. Together with our partners, we will commit up to $25 million in PRIs to support the expansion and renovation of community health centers in preparation for the implementation of the Affordable Care Act.
Program-Related Investments are a great funding alternative for community health centers with a reliable revenue stream and a healthy financial position.
Unlike grants, PRIs are financial investments that require repayment and should only be used when there is an income stream that can be the source for repayment. While PRIs are not useful for all organizations, they can be effective for high-performing organizations operating on a business model with a sufficient income stream to repay a loan.
Applicants may request financing for periods of up to 10 years at low-cost interest rates. Loans can be structured as interest only during the construction period, if applicable. Investment priorities for this RFA include the following kinds of financing:
- Equipment (including information systems)
- Working Capital
The California Endowment has a preference for geographically targeting the 14 communities selected as part of our Building Healthy Communities plan.