The Palo Verde Healthcare District (PVHD) this week announced that it had secured a $4 million loan that will allow it to participate in a state funding program and opened applications to fill a vacancy on the PVHD board.
The loan, provided by Alleon Capital Partners, LLC, will allow the district to be able to cover the cost of participation in the Voluntary Rate Range Intergovernmental Transfer Program, which in turn provides nearly $10 million in additional funding to the district.
“This is welcome and very encouraging news for our patients, our employees, and the entire Palo Verde Valley,” Carmela Garnica, PVHD board chair, said in a release. “This funding creates a real path forward to stabilize hospital operations and protect access to local health care while the District continues to develop its long-range financial and hospital restructuring plan with the aid of the Chapter 9 bankruptcy process.”…