The National PACE Association (NPA) now has new funding options for PACE community expansions and startups, thanks to a new lending program forged through a partnership with the National Cooperative Bank (NCB).
The new program will open up finance lending opportunities for the Programs of All-Inclusive Care for the Elderly (PACE), a senior care model that has been around since the 1970s but hasn’t always fit well into banking’s traditional lending programs.
"PACE is a model of care that has always faced hurdles in accessing sufficient and affordable financing," said NPA president and CEO Shawn Bloom in a press release. "Because PACE is not easily understood, attracting adequate financing can be a challenge. For this reason, we were delighted to work with NCB to explore a PACE lending program. The new program will be a great benefit to the missions of both organizations."
The program will help new and existing PACE sites acquire capital and expansion funds while providing NCB representatives who are trained in the Medicare/Medicaid regulatory environment and understand the goals of the PACE programs.
As a special value-add for LeadingAge members, the program is linked to another initiative involving NCB, called the LeverAge program, that offers special interest rates, extended terms and credit suppport features to PACE applicants that also are LeadingAge members.
"NCB has a history of supporting the development of affordable senior housing and aging services, including PACE," according to Chuck Snyder, CEO of NCB. "We expect that this new avenue of financing will provide even more opportunities for PACE development and expansion in the future. We are delighted to be working with NPA to meet our shared mission of expanding access to critical services for people with low income."