Cameron Memorial Community Hospital in Angola has been approved for a $47 million from the USDA’s Rural Development Community Facilities program, hospital officials announced today.
Greg Burns, Cameron’s president and CEO, said getting loan approval was the final leg in a journey that included finding the land, receiving building permits and creating a design.
“Securing USDA financing was a complex and long process, but the unique and financially attractive terms of the USDA loan make it well worth the time and effort to accomplish,” he said in a written statement.
The hospital has been approved for a $37 million direct loan from the United States Department of Agriculture’s Community Facilities program with a fixed interest rate of 3.375 percent for 40 years. The additional $10 million loan will be a 25-year loan at a market-based interest rate from the USDA’s Guaranteed Loan program.
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