Madera Community Hospital has begun to receive its loan from the state to help reopen after being shut down for the last year and a half.
California Treasurer Fiona Ma announced that the hospital has received the first $15 million installment of its $57 million loan through the state’s program to help financially distressed hospitals.
ADVERTISEMENT
The backstory: After closing its doors by January 2023, Madera Community Hospital struck a deal with American Advanced Management to take over operations and jump start a reopening plan.
- In April the state gave Madera Community Hospital the green light for its reopening plan and approved $57 million through the loan program to facilitate it.
The big picture: Madera Community Hospital is one of 16 hospitals across California to receive part of $300 million that has been loaned out so far.
- The hospital will receive additional installments of the loan as it shows a cashflow need as part of its larger reopening plan.
- California’s loan program provides zero-interest loans that carry a 72-month term with an initial 18-month payment deferment period.
What they’re saying: “Madera Community Hospital is a critical part of the continuum of healthcare in the Madera community – it has traditionally seen some of the highest patient volumes in the area and is vitally important to anyone who depends on its health care and life saving services,” Ma said in a statement. “Over the past year, my team has been dedicated to working to distribute these loan funds, enabling them to serve patients once again.”
