1. MetLife/NCB Capital Impact provide $5M loan to state's community health centers | San ... Page 1 of 1
From the San Francisco Business Times:
http://www.bizjournals.com/sanfrancisco/stories/2010/01/11/daily25.html
MetLife/NCB Capital Impact provide
$5M loan to state's community health
centers
San Francisco Business Times - by Chris Rauber
Date: Tuesday, January 12, 2010, 10:53am PST
MetLife and NCB Capital Impact said Tuesday they’ve provided $5 million in capital via a
“social investment loan” to California community health centers.
Their goal is to help preempt a potential decline in health services for vulnerable
populations due to the state’s budget crisis, the organizations said.
The initiative is part of NCB Capital Impact's $75 million, three-year “Healthier California”
program, the organizations said Jan. 12. MetLife provided a $5 million social investment
loan with favorable terms and conditions to support the initiative.
Funds will be used to finance community health centers statewide, and were made possible
under the California Organized Investment Network, a state Department of Insurance
program that provides incentives for investments in California Community Development
Financial Institutions.
“We have a long track record of successful investments with NCB Capital Impact, and they
have a proven history in community development finance, particularly with community
health centers,” said Dennis White, director of social investments for MetLife and president
of the MetLife Foundation.
Nationally, community health centers serve more than 17 million patients, about 40 percent
of whom have no health insurance, the statement said. In California, where one in five
residents is uninsured, the centers attract more than 11 million patient visits annually to
800 sites.
Arlington, Va.-based NCB Capital Impact has loaned or invested $500 million for community
health centers nationally, according Terry Simonette, its president and CEO. It also has a
West Coast office in Oakland.
Program Related Investments, and other so-called mission-related and social investments
are said to combine the resources of social investors with impact investment funds from
private investors so community development organizations can increase the flow of capital
to low-income communities. At the end of the investment period, the social investor gets
the capital back so it can be used for more communities in need.
Since 1997, NCB Capital Impact has received $50 million in PRIs resulting in $110 million of
financing in low income communities nationwide to increase access and quality of health
care, education and affordable housing.
Metlife, a subsidiary of MetLife Inc. (NYSE: MET) is one of the nation’s largest life
insurance companies, with a major presence in the San Francisco Bay Area.
http://www.bizjournals.com/sanfrancisco/stories/2010/01/11/daily25.html?s=print 1/20/2011