StroudwaterGCL completed $58 million in financing for Towner County Medical Center in Cando, ND.
The loan package, guaranteed by the U.S. Department of Agriculture (USDA), will go towards constructing a critical access hospital and nursing home; as well as consolidating Towner County Medical Center and the Towner County Living Center. The new facility will have 30 skilled nursing beds, five basic care beds and eight inpatient rooms. Two of the inpatient rooms will be specifically for isolation in the case of airborne illnesses. Services offered at the new hospital and nursing home will include emergency care, diagnostic imaging, physical therapy, laboratory work and outpatient surgery.
StroudwaterGCL, a partnership between Greater Commercial Lending (GCL), provides access to government-guaranteed credit to organizations in rural and under-served areas.
“Access to high-quality medical care is critical for all Americans, especially those in under-served and rural locales,” Jeremy Gilpin, executive vice president of GCL, said. “GCL is proud to support the Towner County Medical Center project by ensuring financing at favorable terms that might otherwise be unavailable to the organization via traditional credit sources.”
The financing structure includes participation by Greater Nevada Credit Union and First State Bank of Cando. The facility is expected to open in 2024 and will bring an estimated 95 jobs to the community.
