The Colorado Health Foundation www.coloradohealth.org recognizes that providers are changing their business models and may lack flexible capital for facilities and growth and the integration of services and capital to improve their data systems.
The Foundation has announced a new partnership with Vital Healthcare Capital (V-Cap) http://vitalcap.org to provide funding options through the “Strengthening Primary Care” initiative. Launched in September, this new funding opportunity is designed to increase the number of Coloradans who receive quality primary care services
This funding opportunity is unique in that it is intended to support primary care providers with V-CAP offering low interest loans in addition to grants. This will enable organizations to access the flexible capital that they need to increase access to and improve the delivery of comprehensive person-centered care
This initiative seeks to increase access to primary care services in rural and low-income communities throughout Colorado by providing a variety of funding options to meet the shifting needs of organizations as they evolve and grow in the changing healthcare environment.
Grants and/or low-interest loans are offered to Colorado organizations seeking to expand and improve the quality of services offered. Grants for up to $500,000 and/or low interest loans in the range of $500,000 to $ 5 million are available to Colorado organizations providing primary care.
The funding may be used to support the following projects:
- Facility acquisition, construction, renovation, or expansion
- Medical and office equipment purchases
- Hardware, software, installation, and technical assistance costs associated with health IT systems
- Working capital for expenses associated with new or expanded services
Nonprofit organizations are encouraged to apply for loans or a mix of grant and loan funding if appropriate. Applicants may indicate their interest in applying for a low interest loan within the grant application.
V-CAP is accepting loan applications on a rolling basis but for-profit organizations are only eligible for loans. The first deadline for grant applications is October 15, 2016, the next grant deadlines are February 15, 2016 and June 15, 2017.