Here are four things to know about the financing.
1. The hospital has received a $3.1 million USDA Business and Industry Guaranteed Loan and a $3 million line of credit from First State Financial.
2. The loan supports more than 300 jobs at the hospital and allowed for the creation of 12 additional jobs, according to the report.
3. According to the report, some of the funds were used to do the following:
- Convert an unused labor and delivery wing into a 12-bed geriatric psychiatric unit
- Do facility repairs
- Restructure existing debt
4. Jerry Rickett, president and CEO of Kentucky Highlands Investment Corp., which, in collaboration with the First State Financial and the hospital, was able to restructure the hospital’s existing debt into the USDA loan, spoke positively of the financing. “This is a great example of how strategic partnerships can attract public and private investments to benefit the health and economy of our region,” he said, according to the report. “Working together at the local, state and federal level, we can leverage our resources and maximize our results.”
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