Tax-Exempt Equipment Financing Program

Details
Purpose:
This program will provide a borrower with access to tax-exempt, fixed-rate financing for equipment purchases.
Description:
Eligibility
General Requirements
-Must be a health facility as defined in the Authority's Act (Section 15432(d) of the California Government Code)
-Must be a non-profit 501(c)(3) corporation or public health facility (e.g., district hospital) as defined in the Authority's act (Section 15432(e) of the California Government Code)
-Must have been in existence for at least three years, providing the same types of services
-Must demonstrate evidence of fiscal soundness and the ability to meet the terms of the proposed loan
Use of Funds
Funds may be used for:
-The purchase or reimbursement of all types of qualifying equipment by an eligible health facility
-The financing of minor equipment installation costs
Loan Terms
-Market determined fixed interest rate, depending on maturity
-The maturity of the loan must relate to the useful life of the equipment to be financed
-Loan minimum of $500,000, no maximum loan amount
Fees
-$500 non-refundable application fee
-Initial fee of 0.05% of the issue amount
-Annual administrative fee of $400, as long as there is an outstanding loan balance
Required Documentation
-Three most recent fiscal years of audited financial statements
Eligibility Requirements
Eligible Applicants:
- Nonprofit
- Public Agency
-Must be a health facility as defined in the Authority's Act (Section 15432(d) of the California Government Code) -Must be a non-profit 501(c)(3) corporation or a public health facility (e.g., district hospital) as defined in the Authority's act (Section 15432(e) of the California Government Code)
Eligible Geographies:
None.
Important Dates
Funding Details
How to Apply
State agencies/departments recommend you read the full grant guidelines before applying.
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