Imperial County’s largest hospital is seeking a $40 million state loan in its latest attempt to keep doors open.
But the El Centro Regional Medical Center will be forced to compete with other facilities across California that are also grappling with shaky finances: Requests to the $300 million emergency loan program already exceed the available funding.
Sixteen facilities have applied so far for the newly created Distressed Hospital Loan Program, which is offering the interest-free and potentially forgivable loans. Not-for-profit and public hospitals in California that are at risk of closure or experiencing financial distress — or those that have recently closed — are eligible and must apply by the end of July.
Already, more than $385 million has been requested across the state, inewsource reports. Read more.
