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Grundy REC aids hospital renovation financing

July 24, 2016
Reinbeck Courier

GRUNDY CENTER - The Grundy County REC is providing a boost to the renovation project currently underway at the Grundy County Memorial Hospital (GCMH). The REC has been awarded a $300,000 USDA Rural Economic Development grant for its revolving loan fund, and will make a no-interest loan available to help finance the hospital's $7.5 million project. The local REC will provide an additional $60,000 in loan funding to the hospital, which will repay the grants over ten years.

"We're very pleased to provide support for the hospital project," says Grundy County REC general manager Vicki Daily. "As we stated in our application for the USDA funding, health care facilities are a necessity for a thriving community. The hospital renovation project demonstrates that GCMH is prepared to meet and exceed health care needs in our REC service area, which in turn benefits other businesses and community members."

The USDA Rural Economic Development Loan and Grant program makes funding available through rural electric cooperatives to encourage economic development in rural communities. The current GCMH project supports the long term viability of the hospital by renovating the original 1952 portion of the building with new roof, windows, heating and cooling, and interior walls and finishing. In addition, the project includes an expansion of the fast growing Specialty Clinic space to allow for additional visiting specialists. The Specialty Clinic was first designed in 2005, and patient visits have more than doubled over the past ten years, to more than 7,500 in 2015.

"It's exciting to have the renovation project underway. It meets the need to improve aging parts of the hospital while enhancing how patients are served in registration, radiology, and the Specialty Clinic," remarks Jennifer Havens, hospital CEO. "We're grateful that financing for the project is coming from a mix of local resources such as the REC, pledges from local businesses and individuals, and through bonds issued by the county. The hospital enjoys success because of strong local partnerships, and we are pleased to provide our communities with access to high quality health care in return."

The Grundy County REC previously provided an interest-free loan to the hospital for its 2006 project that modernized the physical plant and expanded Outpatient Services.



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