Madera Community Hospital gets first installment of loan to reopen

MADERA, Calif. (KFSN) -- Madera Community Hospital is getting closer to reopening after closing in January 2023.

State Treasurer Fiona Ma says the hospital has now received the first installment of its $57 million loan granted through the state's Distressed Hospital Loan Program.

This initial amount is $15 million.

The state says additional installments will be issued as the hospital shows a need for cashflow related to its larger reopening and turnaround plan.

The loan will have to be paid back over six years.

Those payments are expected to start a year and a half after the loan term begins.