Project Acceleration Notes and Credit Enhancement Alternatives (PANACEA) Program Grant

Project Acceleration Notes and Credit Enhancement Alternatives (PANACEA) Program Grant

Status: ACTIVE
Funder: California School Finance Authority (CSFA)
Last Updated: September 24, 2025

Summary

The Project Acceleration Notes and Credit Enhancement Alternatives (PANACEA) Program, funded by an $8 million federal grant, aims to enhance financing for charter schools in California. This program supports the construction, purchase, and renovation of school facilities by providing credit enhancements. Additionally, it helps schools awaiting long-term debt issuance through the Authority’s Conduit Bond and Note Financing Program. The PANACEA Program is crucial for improving educational infrastructure and fostering student success in underprivileged areas.

Overview

Overview The federally-funded Project Acceleration Notes and Credit Enhancement Alternatives (PANACEA) Program was created from an $8 million grant awarded through the federal “Expanding Quality Charter Schools Program – Grants for Credit Enhancement for Charter School Facilities” (CFDA #84.354A) grant competition in September 2017. This program enhances financing to charter schools to accelerate the development of permanent charter school facilities. Through the same federal grant program, in June 2019, the Authority applied for, and in August 2019 was awarded, a $20 million grant for the Charter Access to Bank Loan Enhancement (Charter ABLE) Program. Purpose Designed to help provide credit enhancement to facilitate the financing of the purchase, construction, and/or renovation of facilities for California public Charter Schools. Funds awarded under the Program will be used in conjunction with funding provided through the Charter School Facilities Program (CSFP) or the Authority’s Conduit Financing Program (Non-CSFP). Project Acceleration Notes and Credit Enhancement Alternatives (PANACEA) Program 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. The federally-funded Program was created from an $8 million grant awarded through the federal “Expanding Quality Charter Schools Program – Grants for Credit Enhancement for Charter School Facilities” (CFDA #84.354A) grant competition in September 2017.  Through the same federal grant program, in June 2019, the Authority applied for, and in August 2019 was awarded, a $20 million grant for the Charter Access to Bank Loan Enhancement (Charter ABLE) Program.

Eligibility

You can learn more about this opportunity by visiting the funder's website. “Applicant” shall mean the Charter School, school district, or educational management organization applying on behalf of a Charter School for an award under this Article.An Applicant shall be eligible to apply for an award of a reservation of funds under this Program if all of the following conditions are met, where applicable:In the case of an Application associated with CSFP funding, an Advance or Final Apportionment has been awarded under CSFP.An approved charter has been awarded and is in place and current at the time of Application throughout the Application review and approval process and throughout the term of an award.The Charter School is in good standing with its Charter Authorizer and is in compliance with the terms of its charter at the time of Application submission. The Authority will rely on information from the Charter Authorizer regarding the Charter School’s good standing and compliance with the terms of its charter.The Charter School is established pursuant to Education Code section 47600 et seq., and also meets the federal definition of Charter School as defined in section 5210(1) of the ESEA as amended by the NCLB of 2001.The funds will be disbursed through the Authority’s Project Acceleration Notes and Credit Enhancement Alternatives (PANACEA) Program (Program) to provide credit enhancement to facilitate the financing of the purchase, construction, and/or renovation of facilities for California public Charter Schools. Applicants must meet one of the following criteria in order to be eligible for funding. The Authority will evaluate and determine Program awards based on the following, with increasing preference given based on the number of criteria the Applicant meets: Applicants located in a school district and/or county where at least 50% of students do not meet the State standard for proficiency in either math or language on the state assessment; orApplicants located in a school district and/or county with 60% or more of the student population eligible for free or reduced-price lunch; orApplicants having more than 50% of current or projected student enrollment who are eligible for free or reduced-price lunch; orApplicants located in a school district and/or county where at least 15% of public schools have been identified for improvement or corrective action or schools identified by the California Department of Education, pursuant to ESEA as amended by the NCLB of 2001, as needing support; orApplicants awarded an Advance or Final apportionment through CSFP