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MetLife/NCB Capital Impact provide $5M loan to states community health centers | San ... Page 1 of 1  From the San Francis...
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MetLife/NCB Capital Impact


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MetLife/NCB Capital Impact

  1. 1. MetLife/NCB Capital Impact provide $5M loan to states community health centers | San ... Page 1 of 1 From the San Francisco Business Times: MetLife/NCB Capital Impact provide $5M loan to states 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 Impacts $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. 1/20/2011