Seventeen financially distressed California hospitals — including three that filed for bankruptcy earlier this year — will receive close to $300 million in interest-free loans, state officials announced Thursday.
Madera Community Hospital, which closed its doors in January, stands to receive the biggest chunk, $52 million. The money comes from the Distressed Hospital Loan Program, which the Legislature created to support rural and independent hospitals that faced financial challenges coming out of the COVID-19 pandemic.
The Madera hospital had requested $80 million, but the money it received is expected to be enough to fund a reopening for the rural hospital about 25 miles north of Fresno.