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Bringing the capital market to rural hospitals

Success Stories | I-70 Medical Center

I-70 Medical Center, Sweet Springs, Missouri

I-70 Medical CenterThis rural hospital was closed in 1991 due to declining business, deteriorating physical plant, and worsening financial condition. In 2002 we were engaged by the Economic Revitalization Committee of Sweet Springs to assist them in resurrection of a new hospital.

We determined the best course of financing would be a USDA, 90% loan guarantee. We then solicited various potential lenders eventually selecting an Arkansas regional bank. We then prepared the USDA application, arranged site visits for the bank and USDA, assisted with the negotiation of the terms, and then assisted with the loan closing, which occurred in November, 2004.

We also assisted the hospital with acquiring Missouri Certificate of Need, and in securing two minor loans from Missouri agencies.This 15 bed critical access hospital began construction in December, 2004 and was licensed and opened for business in December 2005.

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