PACE: NCB Announces New Lending Program

Members | December 27, 2014

The National PACE Association and the National Cooperative Bank (NCB) have announced a lending program to help finance a nationwide expansion of Programs of All Inclusive Care for the Elderly (PACE). The NCB PACE-lending program will provide working capital and real estate lending to qualified PACE expansions and start-ups.

The National PACE Association and the National Cooperative Bank (NCB) have announced a lending program to help finance a nationwide expansion of Programs of All Inclusive Care for the Elderly (PACE). 

This new PACE-lending program will address the financing gaps providers face as they work to implement new or to expand existing PACE programs.

Under the program, PACE providers will work with a dedicated NCB team that understands and is comfortable with the regulatory structures that support the PACE model. 

“PACE is a model of care that has always faced hurdles in accessing sufficient and affordable financing,” said NPA president and CEO Shawn Bloom. “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.” 

Through the related LeverAge program, a partnership among LeadingAge, Grantmakers In Aging and NCB, NPA members who are also LeadingAge members may benefit from interest rate discounts, extended terms and credit support features.

For questions regarding the NCB PACE program, please contact Robert Jenkens, director of social impact initiatives at National Cooperative Bank, via phone: 202-552-9632 or via email: rjenkens@ncb.coop