Capital Fund Provides Working Capital Loan to Support CA Health Center
When traditional banks couldn’t provide a loan with favorable terms to McCloud Healthcare Clinic, Inc., (dba Shasta Cascade Health Centers or SCHC) while the health center waited on a $746,892 employee retention credit (ERC) from the IRS, Capital Fund stepped in to help—despite the perceived risks.
In September 2024, a short-term $750,000 working capital loan from Capital Fund enabled SCHC to not only keep up with payroll and supply costs, but also continue providing essential services across Northern California’s Siskiyou County uninterrupted while waiting on the ERC.
After filing a Form 941-X with the IRS in February 2024, SCHC reached out to several traditional banks seeking a temporary loan, but all options offered impractical terms that would only dig the health center further into a financial hole. Though this loan was considered riskier than most and not designated for a health center project as is typical for most Capital Fund-supported projects, Capital Fund decided to pursue this opportunity because of its alignment with their mission of supporting health centers.
In addition to maintaining operational costs, the financial stability provided from this loan will enable SCHC to increase number of patients and visits by 47% and 50%, respectively, by 2025. Permanent Full-Time-Equivalent (FTE) employees are also expected to grow by 15%.
Founded in 2000, SCHC offers a full range of primary medical, dental, and behavioral health care through its three sites in Dunsmuir, McCloud, and Mount Shasta, California. As a Federally Qualified Health Center (FQHC), SCHC employs 38 Full-Time Equivalent (FTE) employees who served 4,179 patients across 19,139 visits in 2023. As a comprehensive primary healthcare provider, SCHC is committed to providing community health care services in a friendly, compassionate, and caring environment.
To learn more about Capital Fund’s loan products please contact Brandon Boyle, Senior Director of Loan Programs, at This email address is being protected from spambots. You need JavaScript enabled to view it..