This program provides loan guarantees for nonprofit healthcare facilities when they borrow money for capital needs. This guarantee permits borrowers to obtain lower interest rates from banks or bond investors, similar to the rates received by the State of California.
Cal-Mortgage has insured almost 600 loans valued at over $8.7 billion for healthcare infrastructure since inception.
Only available to California nonprofit and public health facilities
Up to 30-year loan term
Low fixed interest rates
Up to 95% financing for loans under $10 million
Up to 90% financing for loans over $10 million
No credit-rating required
Reduced premium for credit-rated borrowers
Guaranteed by the State of California
Use of Funds
Loans may be insured to finance or refinance the construction of new facilities; to acquire existing buildings; to expand, modernize, or renovate existing buildings; or to finance fixed or movable equipment needed to operate the facility.
- Public Agency
To be eligible for loan insurance, the borrower must be either a California, nonprofit public benefit corporation or a political subdivision. In addition, it must be organized to own and operate a health facility and assure that its services are, or will be, available to all persons residing in the facility’s service area. Must have been in existence for at least three years, providing the same types of services.
How to Apply
State agencies/departments recommend you read the full grant guidelines before applying.
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