Van Buren County Hospital Renovation Project Funding.

Van Buren County Hospital is receiving two 0% interest loans through a partnership with Southern Iowa Electric Cooperative (SIEC) and United States Department of Agriculture (USDA). Iowa Area Development Group (IADG) also helped with applications and guidance throughout the process. The first loan is for $2,000,000. This is backed by USDA and applied for through the Utility (SEIC). The utility has to apply in order to access these funds for local not-for-profits. The second loan is for $360,000. This is part of the revolving loan program through SEIC. As VBCH pays this back over the 10 years, this money will stay in Van Buren County or in the SEIC service area based on who applies for the funding. This is a grant that the utility applies for from USDA and then the money stays in that local area allowing the Utility to lend it out again. Keosauqua Light and Power also has this revolving loan fund. Greg (SIEC) indicated that after the first revolving loan fund is paid off by the not-for-profit other businesses, not-for-profit or even for-profit can apply for those. We will use these funds for the $8.3M ED, Dietary, and infrastructure remodel project that we are kicking off. VBCH is also receiving a direct USDA loan of $5M for the project. We are using 1st Iowa State Bank and Libertyville Savings Bank for the interim financing on that direct loan as USDA closes on the loan after the project is completed. For more information on this funding or project you can contact CFO, Kara McEntee at 319-293-3171.