Physicians’ Clinic of Iowa makes donations to area free clinics

Physicians' Clinic of Iowa (PCI) will announce today that it will donate $400,000 in New Markets Tax Credit (NMTC) funding for its Medical Pavilion to the Community Health Free Clinic and the His Hands free medical clinic.  Mike Sundall, CEO of PCI, will present checks to each clinic's Board of Directors on October 19, 2011 at 5:30 pm at 600 7

^th

Street SE, Cedar Rapids.

“Many of our physicians individually support the Community Health Free Clinic and His Hands free clinic,” said Bill Devine, President of PCI. “This financing presented us the opportunity to really help these worthy community organizations and help improve community health.”

The gift to Community Health Free Clinic-which provides free medical, dental, eye and prescription services-will ensure that those in need are cared for now and in the future.  “We have always been an advocate for the uninsured and underserved and this support, along with the generosity of our volunteers and donors, will have a lasting impact in our community,” says Darlene Schmidt, CEO and Clinic Executive Director.

“We are so grateful for this in-kind donation,” says Jim Bell, MD, Medical Director for His Hands.  “It will allow His Hands to begin a dental service at our newly renovated location at 400 12th Street SE, [Cedar Rapids.]”  Opening this winter, two dental chairs will be staffed by volunteer dentists, hygienists, and dental assistants offering cleanings, fillings, x-rays, and dental education.

PCI's donation to the two free clinics is made possible through PCI's use of the NMTC Program.  This federal 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 funding to finance the PCI Medical Pavilion project.  U.S. Bank served as lender and NMTC equity investor and committed additional NMTC funding.

After receiving the NMTC funding, PCI in turn chose to use a portion of these monies to help improve access to health services in the community through donations to the Community Health Free Clinic and His Hands.  The remaining funds will allow PCI to create a community education center on the Medical Pavilion's partial third floor.

“The Medical Pavilion is being built to serve patients and this community,” says Mike Sundall, CEO of PCI.  “We will be using this funding to create a community space that will offer healthcare screenings, wellness events, continuing medical education conferences, coordination of care conferences, and a place for local organizations and social clubs to meet.”

The Physicians' Clinic of Iowa Medical Pavilion is expected to be complete in January 2013.

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Media representatives are asked to confirm attendance by emailing marketing@pcofiowa.com before 3:00 pm on 10/19/11.

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.