The Pineville Community Hospital has provides healthcare services to southeastern Kentucky residents since 1938. The nonprofit hospital, which was in need of modernization and expansion to serve the needs of the community, received a $3.1 million USDA Business and Industry (B&I) Guarantee Loan through veteran Community Development Corporation, Kentucky Highlands Investment Corporation (KHIC). Through the B&I program, KHIC helped restructure the hospital’s existing debt, allowing First State Financial to then provide the hospital with a line of credit.
The working capital freed up through the restructure allowed the hospital to convert space for healthcare services that were badly needed in the community. The added services include a geriatric psychiatric unit, which the Pineville Community Hospital indicated wasn’t being offered within a 30-mile radius, despite approximately 38,000 community members over age 65 who need of care for issues such as depression and PTSD. Further, the loan and working capital facilitated the creation of 12 new positions at the hospital, as well as save over 300 jobs.
USDA Under Sec. Mensah and Rep. Rogers at Pineville Community Hospital event
In February 2016, an event was held at the Pineville Community Hospital to celebrate its success. In attendance at the event was USDA Under Secretary for Rural Development Lisa Mensah, Representative Hal Rogers (R-KY), and Kentucky Governor Matt Bevin.
Read more about the project and event in the KHIC 2016 newsletter…