MetLife and NCB Capital Impact recently announced they've provided $5 million in capital via a "social investment loan" to California community health centers.Their goal of these investments is to help preempt a potential decline in health services for vulnerable populations due to the state's budget crisis.

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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.

...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.

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.

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