Project Acceleration Notes and Credit Enhancement Alternatives

About this program

The California State Treasurer’s Office offers the Project Acceleration Notes and Credit Enhancement Alternatives (PANACEA) Program to provide short-term interim financing and credit enhancement for California public charter schools purchasing, constructing, or renovating facilities. Federally funded awards of up to $1 million may be used with the Charter School Facilities Program or the Authority’s Conduit Financing Program, with approximately $8 million available and no matching funds required. Eligible applicants include nonprofit organizations and public agencies meeting the requirements in the program regulations, including the applicant eligibility and review criteria. Applications are accepted on an ongoing basis, and reserved funds generally must be used to close financing within six months of approval.