Project Acceleration Notes and Credit Enhancement Alternatives

Portal ID:
1962
Status:
Active
Opportunity Type:
  • Loan
Last Updated:
Categories:

Details

Purpose:

Designed to help provide credit enhancement to facilitate the financing of the purchase, construction, and/or renovation of facilities for California public Charter Schools. Funds awarded under the Program will be used in conjunction with funding provided through the Charter School Facilities Program (CSFP) or the Authority’s Conduit Financing Program (Non-CSFP). 

Description:

The Project Acceleration Notes and Credit Enhancement Alternatives (PANACEA) Program supports short-term interim financing to charter schools that have received a reservation of funds through the Charter School Facilities Program or are awaiting the issuance of long-term debt through the Authority’s Conduit Bond and Note Financing Program.

Eligibility Requirements

Eligible Applicants:

  • Nonprofit
  • Public Agency

Please refer to the Program Regulations, Section 10200.2 "Applicant Eligibility Criteria", and Section 10200.4 "Application Review and Evaluation Criteria"

Eligible Geographies:

California Only

Important Dates

Application deadline The date (and time, where applicable) by which all applications must be submitted to the grantor.
Ongoing
Expected award announcement The date on which the grantor expects to announce the recipient(s) of the grant.
Ongoing
Period of performance The length of time during which the grant money must be utilized.
Term of the Loan

Funding Details

Total estimated available funding The total projected dollar amount of the grant.
$8,000,000
Expected number of awards A single grant opportunity may represent one or many awards. Some grantors may know in advance the exact number of awards to be given. Others may indicate a range. Some may wish to and wait until the application period closes before determining how many awards to offer; in this case, a value of “Dependent” will display.
Dependent
Estimated amount per award Grant opportunities representing multiple awards may offer awards in the same amount or in varied amounts. Some may wish to wait until the application period closes before determining per-award amounts; in this case, a value of “Dependent” will display.
$0 – $1,000,000
Letter of Intent Required? Certain grants require that the recipient(s) provide a letter of intent.
No
Requires Matched Funding? Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another funding source.
No
Funding Source: The funding source allocated to fund the grant. It may be either State or Federal (or a combination of both), and be tied to a specific piece of legislation, a proposition, or a bond number.
  • Federal

Funding Source Notes:

Federal Grant – US Department of Education. (CFDA #84.354A)

Funding Method: The manner in which the grant funding will be delivered to the awardee. Funding methods include reimbursements (where the recipient spends out-of-pocket and is reimbursed by the grantor) and advances (where the recipient spends received grant funds directly).
  • Advance(s)

Funding Method Notes:

The grant award shall be held in trust by the Authority or an Authority approved financial institution, solely for authorized purposes and shall not be released to Awardees without the Authority’s or trustee’s approval. Awards of a reservation of funds will expire if the Awardee does not use the awarded funds by closing the financing within six months of Authority approval. Exceptions may be granted by the Authority. 

How to Apply

State agencies/departments recommend you read the full grant guidelines before applying.