Hospital board considers $12.6 million loan

The local hospital district is considering a $12.6 million loan to consolidate debt.

The hospital district board, which owns Westlake Regional Hospital, heard the consolidation proposal from administrator Rusty Tungate at the regular monthly meeting Tuesday night.

Tungate said the loan would consolidate the hospital’s long-term debt and give them time to seek funding from USDA for a planned hospital expansion when the funding becomes available.

The loan will be based on a 25-year amortization schedule but financed for five years. The loan would come through Farmers National Bank with a portion financed at 5 percent and the remainder at 6.75 percent.

Tungate said the loan should give the hospital time to wait for government loans while saving them around $240,000 a year.

“This will get us back in the shape we were before the market collapsed,” Tungate told the board.

Following the meeting, Tungate said in an interview that he is also looking into a program through a brokerage firm that would provide lenders with tax credits and would forgive the hospital’s debt. Click here to read more






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