Bond Financing Program
🏛 State Treasurer's Office (California)
✓ Free, no account · Source: California Grants Portal · Last verified Nov 1, 2026
Can you apply?
This grant is for charter schools in California seeking short-term interim financing. Applicants must have received a fund reservation from the Charter School Facilities Program. Alternatively, schools awaiting long-term debt issuance through the Authority's Conduit Bond and Note Financing Program qualify. The program bridges the gap between project approval and permanent financing.
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Program description
Eligibility General Requirements -Must be a health facility as defined in the Authority’s Act (Section 15432(d) of the California Government Code) -Must be a non-profit 501(c)(3) corporation or public health facility (e.g., district hospital) as defined in the Authority’s Act (Section 15432(e) of the California Government Code) -Must have been in existence for at least three years, providing the same types of services -Must demonstrate evidence of fiscal soundness and the ability to meet the terms of the proposed loan Use of Funds Funds may be used for: -Construction, remodeling, renovation, and/or improvements -Land acquisition -Acquisition of existing health facilities -Equipment and/or furnishings -Refunding of prior debt -Working capital for start-up facilities -Costs of bond issuances, feasibility studies & reimbursement of prior expenditures Loan Terms -Market determined fixed or variable rate interest rate, depending on maturity -No loan maximum -Maximum loan maturity typically 40 years -Loan security provisions and bond covenants that correspond with bond rating Fees -No application fee -Initial fee of 0.05% of the issue amount (maximum $100,000), set fee of $1,000 for smaller health systems and public health facilities -Annual administrative fee of 0.0175% of the bonds outstanding (maximum $150,000), maximum of $500 for small health systems and public health facilities Required Documentation -Three most recent fiscal years of audited financial statements
Who can apply
Eligible applicants
How to apply
Application links
Required documents
- Charter School Facilities Program fund reservation letter
- Project budget and scope documentation
- Permanent financing commitment letter or timeline
- School governance and authorization documents
- Financial statements and proof of fiscal management capacity
- Proposed repayment schedule
Program contact
- 📧 chffa@treasurer.ca.gov
- 📞 1-916-653-2799
Funding track record
Past applications & awards under this program (California Grants Portal) — how competitive it is.
By fiscal year
| Fiscal year | Applications | Awarded | Award rate |
|---|---|---|---|
| 2022-2023 | 4 | 3 | 75% |
| 2021-2022 | — | — | — |
| 2024-2025 | 5 | 5 | 100% |
| 2025-2026 | 5 | 5 | 100% |
| 2020-2021 | — | — | — |
| 2023-2024 | 10 | 10 | 100% |
| 2026-2027 | 4 | 4 | 100% |
Source: California Grants Portal
FAQ
Who can apply for PANACEA?
Charter schools in California with Charter School Facilities Program fund reservations or those awaiting Conduit Bond financing. Traditional public schools are not eligible.
What is the funding used for?
Short-term interim financing to cover project costs while waiting for long-term debt or permanent funding to close.
What is the typical award amount?
Awards range up to $1,000,000. Actual amounts depend on project needs and available funds from the $8,000,000 pool.
Is there a deadline?
This is a rolling program with no fixed deadline. Applications can be submitted as projects are ready.
Do I need matching funds?
No cost-sharing or matching funds are required to apply.
💡 Tips for applicants
- Have your Charter School Facilities Program reservation documentation ready before applying. This is required.
- Clearly show the timeline for when permanent financing will close. Reviewers need confidence the loan will be repaid.
- Prepare detailed project budgets and scope documents. Lenders want to understand exactly how interim funds will be used.
- Work closely with your school's finance team and bond counsel. This is a complex financing tool that requires professional guidance.
- Document the gap between project start and permanent funding availability. Show why interim financing is necessary.
⚠️ Common mistakes
Applying without a confirmed Charter School Facilities Program reservation. Missing documentation of the permanent financing timeline or source. Underestimating project costs or providing unclear budget justifications.
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