The USDA has awarded Wabash Telephone Cooperative a loan of $1,000,000.00 to assist Wabash General Hospital located in Mt. Carmel, Il. This loan was provided by the USDA Rural Economic Development Loan and Grant Program (REDLG).
“USDA Rural Development is committed to being a strong partner for rural businesses and our healthcare infrastructure throughout Illinois,” Wilson said. “By ensuring that rural communities have access to this much-needed healthcare facility in these unprecedented times, we lay the cornerstone of that commitment.”
This Rural Development investment will be used to provide a loan to Wabash Telephone Cooperative, who will lend the funds to the Wabash General Hospital located in Mt. Carmel, Ill. Funds will relent to the Hospital at 0% to construct a new medical office at their current campus and add additional space at their Orthopedic building. The medical office will house 50 existing employees and six medical providers. The expansion at the Orthopedic facility will allow for the addition of multiple Orthopedic doctors.
REDLG is a program that provides funding for rural projects through local utility organizations. USDA provides zero-interest loans to local utilities, which they, in turn, pass through to local businesses (ultimate recipients) for projects that will create and retain employment in rural areas. The top recipients repay the lending utility directly. The utility then is responsible for repayment to USDA.
USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov/il.
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