Madera Community is one of 16 hospitals across California applying for the Distressed Hospital Loan Program, which Gov. Gavin Newsome signed into law May 15. The program allows struggling hospitals to receive zero-interest loans if they submit a plan to the state detailing how they will return to profitability.
The program has $300 million available for distressed hospitals. So far, hospitals are asking for $385.3 million.
Madera officials aim for the loan to entice a potential buyer to purchase and reopen the hospital. Even if a buyer is found and the loan is approved, hospital officials warned that it will take time before Madera Community could reopen.
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