The hospital will receive a $2 million loan to cover basic operational costs.
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Adventist Health proposed taking over the facility and will need to provide a comprehensive hospital turnaround plan.
Once cleared, Madera Community would be eligible for an additional $50 million loan.
The Kaweah Delta Health Care District in Visalia is getting a loan worth more than $20 million.
The John C. Fremont Healthcare District in Mariposa is set to receive more than $9 million.
The loan program was created after the passage of Assembly Bill 112, which wasproposed by State Senator Anna Caballero and Assemblymember Esmeralda Soria.
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It was authored in response to the closures of rural hospitals, including in Madera.
That shutdown left hundreds of thousands of valley residents without access to emergency care in their community - and cut almost 1-thousand jobs.
In order to receive financial assistance, the qualifying hospitals were required to submit funding plans.
The state says loans are repayable over 72 months with an initial 18-month grace period at the beginning of the loan term.
The program ends on December 31, 2031.