Reimbursable funding aids community-based organizations and healthcare providers in rapidly accessing federal funding in response to the COVID-19 pandemic.
TACOMA, Wash. — In partnership with Pierce County, Greater Tacoma Community Foundation and partner philanthropies, OnePierce Community Resiliency Fund (OnePierce), the community investment arm of Elevate Health, approved up to $2.5M in zero-interest loans for the upfront funding of contracts that are reimbursed by County CARES Act dollars. This allows federal funds to be accessed by providers with fewer reserves or lines of credit to draw from. It also pilots a new public-private partnership model in which government contractors and philanthropy use impact investing as a tool to support providers in accessing funds. The loans are underwritten by a consortium of local philanthropic funders.
Pierce County CARES Act contracts are paid only by reimbursement, which favors providers with high cash reserves and established relationships with banks. As a community asset unique to Pierce County, OnePierce reduces the barriers to accessing CARES Act funding through bridge loans and extends the County’s ability to administer the funds to providers and community-based organizations.
Without bridge loans, newer or smaller providers may not be able to access upfront funding that is critical to drawing down federal funds. Offering equitable access to federal funding allows smaller providers and community-based organizations to continue serving underserved communities. By supporting these providers, bridge loans support equitable finance and health equity.
$850,000 was awarded with the understanding the bridge loans are to be repaid to OnePierce by the end of January. Below are the organizations that have accessed funding in Pierce County.
- Tacoma Ministerial Alliance
- Our Sisters House
- St. Vincent de Paul of Tacoma
- Casteele, Williams, & Associates
- Associated Ministries
- Foundation for Multicultural Solutions
- Metropolitan Development Council
OnePierce’s backing of CARES Act funding aligns with the $4.5M in funding it awarded in its inaugural year to improve health equity in Pierce County.