From neighborhood to a national model

“It’s been 55 years now that On Lok has been part of this community,” said CEO Grace Li, who’s been with the organization for 25 years. “It came to be when members of our community recognized that the seniors in the Chinatown North Beach community really needed a way to receive care that was going to keep them close to their communities.”

What emerged was the Program of All-Inclusive Care for the Elderly—known as PACE—a coordinated, community-based alternative to nursing home placement that integrates medical care, social services, nutrition, transportation and daily activities under one roof. As On Lok proved the model locally, its leaders wanted to test whether it could work beyond San Francisco. They took the concept to the federal government as a demonstration and established a unique way to finance the program through Medicare and Medicaid to deliver the full range of services seniors need to stay in their communities.

With grant support, On Lok worked with six organizations in six states to teach the approach and show it could deliver quality care beyond a single city or population. That proof helped pave the way for a permanent funding framework within Medicare regulations. 

Today, PACE operates in 33 states and the District of Columbia, serving more than 100,000 people. With approximately $286 million in annual revenue and more than 1,200 employees, On Lok is also a significant economic anchor in the San Francisco Bay Area, contracting with local vendors and generating the institutional stability that keeps neighborhoods viable.

“Organizations don’t shape policy and change payment reform by accident,” Li said. “Being a local nonprofit where people see our vans and know who On Lok is—they just know.”

Helping people age on their own terms

On Lok’s services span a continuum of aging: active seniors come to senior centers for exercise, art, computer labs and communal meals; those with more complex needs receive care management and help navigating insurance and housing; and for seniors whose chronic conditions make daily life genuinely difficult, the PACE program provides fully integrated medical and social support that keeps them in the community rather than in institutional care.

“On Lok’s mission is the voice of aging,” said Nicole Torres, COO and a 24-year member of the organization. Torres began her career as a nurse—starting in pediatrics at Lucile Packard at Stanford—before shifting into older-adult care and joining On Lok as a home care nurse. “We are serving people who are yearning to age as they want to age. We are also serving communities that need us, who are vulnerable, who are unheard.”

Marie, a pianist and PACE participant at the On Lok 30th Street Center, came to On Lok after breaking her femur during the pandemic. Today she plays piano for fellow participants several times a week. “I kept hoping I could play music for people again. The dream came true,” Marie said. She is also grateful for the healthcare support: “It’s a lifesaver for me.”

Jeffrey, a 66-year-old former cable linesman and self-taught artist at the On Lok PACE South San Jose Center, has had his drawings celebrated by staff and shared with other participants. “The medical support here is impressive,” he said. “I thought I was at the end of my rope. It makes me feel like I’m still somebody. On Lok takes good care of me.”

A local institution, a national impact

On Lok’s reach is deeply local: It employs physicians, nurses, social workers, therapists, drivers and nutritionists, and contracts with local small businesses and community providers. Its impact extends far beyond its walls, strengthening families, caregivers and the community institutions that make neighborhoods work.

That’s the lens JPMorganChase applies through the American Dream Initiative: scaling proven local solutions by mobilizing capital, know-how and practical policy support alongside local organizations. The initiative was designed, in part, to finance local healthcare infrastructure that expands opportunity. For aging Americans, that opportunity means staying in your neighborhood, maintaining independence and receiving high-quality care without being uprooted from everything you know.

“The work we do addresses healthcare, medical care and social supports for that senior and its impact goes beyond the senior,” Torres said. “It helps their community, the immediate caregivers, the friends, the daughters, the husband, the wife and then it helps the greater neighborhood.”

A bold expansion—and the capital to make it possible

On Lok made what Torres calls “a bold move”: opening two brand-new PACE centers simultaneously, one in Union City and one in South San Jose, each spanning approximately 23,000 square feet with a full primary care clinic and adult day health center, while continuing to operate all existing programs at capacity.

J.P. Morgan provided a $55 million direct purchase bond facility to finance the acquisition and development of both sites, a transaction requiring careful multi-year planning and deep sector-specific expertise. “For this particular financing opportunity, we turned to J.P. Morgan and talked with them about ways that they could help support us,” Li said.

“J.P. Morgan helped us with a huge historic endeavor,” Torres said. “After two years plus of blood, sweat and tears, those buildings are fully built out and we’ve been operational since February.”

For Stu Bessieres, Relationship Executive at J.P. Morgan, the milestone is personal. “On Lok is a critical organization of San Francisco that represents our true San Franciscan identity. J.P. Morgan was integral in providing the capital necessary for On Lok to expand in both their Union City and South San Jose locations. I saw the buses driving around growing up. Now I get to truly be a part of its success.”
 

Beyond the transaction

J.P. Morgan is supporting On Lok’s migration to an enterprise resource planning (ERP) platform, transitioning reconciliation and payment origination from manual to fully automated processes. The migration is expected to be completed by the end of 2026.

The relationship extends into sector connectivity: J.P. Morgan has brought On Lok into its annual Healthcare Conference, nonprofit roundtables and webinars. Employees also volunteer directly at On Lok, playing bingo with participants and tending the center’s garden.
 

The next 55 years

On Lok’s story is, at its core, a story about generations. The organization is now serving the children and grandchildren of the first seniors it cared for in 1971. That generational continuity is both a measure of past success and a mandate for what comes next.

“We’re already serving generations of families,” Li said. “There are grandkids who always would come and know On Lok because they visited their grandparent here or their parent here.”

Torres looks ahead with clarity. “The next 55 years look bright. Tenfold the lives that we’re serving now. Double, tripling our workforce. Continuing to build our relationships and synergies with community organizations and institutions like J.P. Morgan.”

The two new centers in Union City and South San Jose are not endpoints. They are, as Torres frames it, a signal that a longstanding nonprofit can keep growing, innovating and making room for more people to age with dignity and connection.

“The opportunity to have the support of J.P. Morgan, our community partners, the staff that come to work every day to do this mission-driven work—we’re just grateful,” Li said.
 

How J.P. Morgan supports mission-driven healthcare organizations

The J.P. Morgan Healthcare, Higher Education and Nonprofit Banking teams bring deep sector expertise to organizations like On Lok—combining primary banking, treasury solutions, capital markets access, healthcare payments technology and strategic insights to support mission-driven institutions as they grow and serve more people.

Connect with our team to explore how J.P. Morgan can support your organization’s mission.