October 19 – MEDIA ADVISORY
Physicians’ Clinic of Iowa (PCI) will present a total of $400,000 in donations to the Community Free Health Clinic and the His Hands free medical clinic on October 19, 2011. The donations are made possible through PCI’s use of New Markets Tax Credit (NMTC) funding, received to assist in financing the Medical Pavilion.
The NMTC Program provides tax incentives to induce private sector, market-driven investments in businesses and real estate developments located in economically distressed communities across the nation. Due to the 2008 flood which flowed through nearly every downtown business and most public buildings, downtown Cedar Rapids qualifies as such a community. Iowa Business Growth—an SBA 504 loan organization and certified development company—committed NMTC funds to finance the PCI Medical Pavilion project in the downtown area. U.S. Bank served as lender and NMTC equity investor and also committed additional NMTC funding.
PCI has in turn chosen to use a portion of these monies to help improve access to health services in the community through donations to the Community Free Health Clinic and His Hands free medical clinic. The remaining NMTC funds will allow PCI create a community education center on the Medical Pavilion’s partial third floor.
5:30 pm, Wednesday, October 19
600 7th St. SE, Cedar Rapids
4th Floor Boardroom
Interview opportunities with board members from Community Free Health Clinic, His Hands free medical clinic, and PCI physicians and leadership.
Media representatives are asked confirm attendance by sending an email to email@example.com no later than Wednesday, October 19 by 12:00 pm.
About Physicians’ Clinic of Iowa
Physicians’ Clinic of Iowa, founded in Cedar Rapids in 1997, is one of the largest, private, multispecialty medical groups in Iowa. More than 75 board certified physicians, surgeons, and mid-level providers offer high quality medical care to eastern Iowa communities. For more information, visit www.pcofiowa.com.
About Community Health Free Clinic
Community Health Free Clinic (CHFC) is dedicated to the delivery of free medical, dental, vision and pharmaceutical services to the uninsured and under-served people of east central Iowa. Incorporated in December of 2002, CHFC received its Internal Revenue Service 501(c)3 determination and opened its doors on January 5, 2003. Since the first full year of service, the number of patient charts has grown from 3,334 to 37,000+. For more information, visit www.communityhfc.org.
About His Hands Free Clinic
Since 1992, His Hands Free Medical Clinic has been seeking to honor God by helping the un- and under-insured in our community. The clinic is a 501(c)3 non-profit ministry that provides free medical services in Cedar Rapids. His Hands Ministries provides almost 2000 visits to approximately 650 medical and chiropractic patients who are without adequate resources. For more information, visit www.hishandsclinic.org.
About the New Markets Tax Credit Program
The NMTC Program is administered by the Community Development Financial Institutions Fund (CDFI Fund) of the U.S. Department of the Treasury. Enacted by Congress in 2000, the NMTC Program encourages the investment of private equity capital into economically distressed communities and, in exchange, allows investors to receive federal tax credits equaling 39 percent of the investment over a seven-year period. These investments are made to spur community and economic revitalization. To date, NMTC investments of $15.5 billion have generated a total of $50 billion in capital that has been invested in some of the nation’s most underserved communities. For more information, visit www.cdfifund.gov.
About Iowa Business Growth
Iowa Business Growth (IBG) began in 1981 as an SBA 504 loan company and today has a long history of providing alternative financing resources. IBG is a certified development company “CDC” that has achieved a high-level certification with the SBA in administering the government’s premier loan program geared toward expanding businesses (504). For more information, visit www.iowabusinessgrowth.com.
About US Bank
U.S. Bancorp (NYSE: USB), with $321 billion in assets as of June 30, 2011, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,086 banking offices in 25 states and 5,086 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
Michelle Luty, Marketing & Outreach Coordinator
Physicians’ Clinic of Iowa