Bank of America commits $40M to CDFIs to fund primary health care centers
BPC Staff Jun 15, 2022 | 8:04 pm
1 min read time186 wordsAll Latest News, Banking & Finance, Health & Wellness
To increase access to health care services in medically underserved communities, Bank of America announced it has committed $40 million in low-cost, long-term capital to finance the development and expansion of community health care centers and other primary care facilities across the United States. Bank of America will partner with nonprofit community development financial institutions (CDFIs) to distribute the funding. In addition, Bank of America will provide $100,000 in philanthropic grants to help with CDFI operational costs and help spark the creation of new health centers. Bank of America will provide low-cost capital to several CDFI partners, among them Primary Care Development Corp. To date, PCDC has financed more than $1.34 billion in primary care projects through direct investment and leverage. Such investments support facility acquisition and renovation, program and practice transformation, operating support, service line growth, and technology acquisition. Other CDFIs involved in the initiative include Capital Impact Partners, the Reinvestment Fund and the Enterprise Community Loan Fund. Of the $40 million commitment, $10 million will go to additional CDFIs to encourage others to enter the space of financing the development of primary care facilities.