Sonoma Valley Hospital is one of 17 hospitals in the state and the only one in the North Bay chosen to receive millions of dollars in a no-interest loan under a new state program designed to help financially struggling hospitals, the community facility has announced.
The 75-bed Sonoma Valley Hospital has been awarded $3.1 million under the Distressed Hospital Loan Program, established earlier this year through state legislation and signed May 15 by Gov. Gavin Newsom, The North Bay Business Journal reports.
In the case of Sonoma Valley Hospital, it is not at risk of closing, said CFO Benjamin Armfield. Rather, he noted, the funds will help the hospital emerge from long-term debt that has been exacerbated by the pandemic and rising interest rates that have “more than doubled over this last year.” Read more.
