Project Acceleration Notes and Credit Enhancement Alternatives
🏛 State Treasurer's Office (California)
✓ Free, no account · Source: California Grants Portal · Last verified Oct 7, 2026
Can you apply?
This grant is for charter schools seeking low-cost financing for operations and capital needs. Eligible applicants are charter schools registered in California. Priority is given to schools opening in the current fiscal year, though established schools may also apply. Loans range from small amounts up to $250,000 per award.
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Program description
The Project Acceleration Notes and Credit Enhancement Alternatives (PANACEA) Program supports short-term interim financing to charter schools that have received a reservation of funds through the Charter School Facilities Program or are awaiting the issuance of long-term debt through the Authority’s Conduit Bond and Note Financing Program.
Who can apply
Eligible applicants
How to apply
Application links
Required documents
- Completed loan application form
- Financial statements (recent audits or monthly statements)
- Business plan and enrollment projections
- Proof of charter school authorization
- Board resolution or authorization to apply
Program contact
- 📧 csfa@treasurer.ca.gov
- 📞 1-213-620-4608
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 | 1 | 1 | 100% |
| 2023-2024 | — | — | — |
| 2020-2021 | — | — | — |
| 2021-2022 | 6 | — | 0% |
| 2024-2025 | 1 | 1 | 100% |
| 2025-2026 | — | — | — |
Source: California Grants Portal
FAQ
Who is eligible to apply?
California charter schools can apply. Priority is given to newly opening schools in the current fiscal year.
When can I apply?
The program uses rolling deadlines. The State Treasurer's Office announces application period openings via Listserve, so subscribe to stay informed.
What can I use loan funds for?
The program supports charter school operations and capital needs. Specific allowable uses should be confirmed with the program.
How long does the credit evaluation process take?
The Authority conducts extensive credit evaluations before making funding recommendations. Timeline varies by application complexity.
Can I renew or extend the loan?
This is a loan program, not a grant. Repayment terms are set in loan agreements created by the Authority.
💡 Tips for applicants
- Subscribe to the State Treasurer's Listserve immediately to catch application opening announcements. Missing the deadline window costs you the opportunity.
- Prepare strong financial statements and a clear business plan before applying. The Authority conducts rigorous credit evaluations.
- Document your school's enrollment projections and revenue sources clearly. Lenders need confidence in your ability to repay.
- If your school is newly opening, highlight this—you may receive priority consideration for loan approval.
- Understand loan repayment obligations before applying. Budget for monthly payments from your operating revenue.
⚠️ Common mistakes
Applications lack clear financial documentation or credible revenue projections. Schools miss announcement deadlines because they're not subscribed to the Listserve. Applicants underestimate repayment obligations or fail to demonstrate sustainable enrollment growth.
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