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Working With PCDC

WORKING WITH PCDC: CAPITAL ACCESS

Eligibility Requirements
Financing is available to borrowers that:
  • Are both not-for-profit, 501(c)3 tax-exempt organizations and healthcare providers licensed under Article 28 of the NYS Health Code;
  • Are located in New York State;
  • Are significantly involved in the provision of primary healthcare; and
  • Benefit an underserved population or community.
How to Apply
PCDC encourages inquiries at the earliest stages of capital project planning. As described below, there are two key steps in PCDC's project approval process:
  • Preliminary Review
  • Project Underwriting
Preliminary Review
Most contacts begin with a phone call, during which a member of the Capital Access team determines the basic eligibility of a project for PCDC assistance and describes the types of assistance available. A follow-up meeting is held where warranted. If PCDC assistance is appropriate, potential borrowers are asked to complete a short application.

Upon review of the application, PCDC may request additional information. Based on this information, PCDC will informally propose a package of assistance. PCDC will also outline the terms of any financing or technical assistance to be provided by or through PCDC, clarify the roles and responsibilities of PCDC and the borrower, and explain the steps to final approval by the PCDC Board.

Project Underwriting
While borrowers develop their projects, PCDC undertakes loan underwriting. PCDC assesses the feasibility of the project and reaches an agreement with the borrower on the terms of the financing and the timing of the loan closing.

PCDC Approvals
PCDC's Board meets bi-monthly and considers projects for approval on a rolling basis, as soon as each project is ready.

Approval Criteria
PCDC approves loans that the PCDC Board determines to be both consistent with PCDC's mission and likely to succeed. Generally, PCDC applies the following criteria to loan approval:
  • The project will provide quality primary care, as evidenced by the organization's mission, track record, reputation, and plans.
  • The facility will serve a population in need, based on the project's location in an underserved area or proposal to target an underserved population.
  • The project is likely to succeed financially, based on PCDC's review of:
    • The market for the services offered; and
    • The facility's projected revenues and expenses, in light of industry trends.
  • The borrower has the capacity to undertake the project successfully and to manage the loan, as evidenced by:
    • Management capacity of the borrower, based on its track record and the experience of its principals;
    • Board capacity, based on the depth and breadth of board members' qualifications as a group to act as stewards of the enterprise; and
    • Borrower's capacity to maintain the organization's future financial viability.
Copyright 2000 Primary Care Development Corporation