Huron Residential Hospice requests loan from the countyFebruary 9, 2019 12:11pm
Huron’s Residential Hospice has approached county council for a one million dollar loan.
Board member Jay McFarlan explains they were told they had government funding in February of 2017.
But that came with the stipulation that they open by March of 2018.
McFarlan says the time line was tight but they started hiring and training staff in March and had their first resident in May of 2018 and that met the Ministry’s requirement and they provided the funding.
But McFarlan says their focus on getting open to meet that deadline took away from the fund-raising goal of 2.5 million dollars. McFarlan says they’ve raised one million dollars and support from the community has been very encouraging.
But he says the reason for their request of the county is they now have a grant in front of them for up to 680-thousand dollars, towards their capital expenses, but they need matching funds. And the loan from the county would provide that.
McFarlan says what they’re proposing is an interest-free loan of one million dollars to be repaid in ten year.
The county has asked to see a business plan and financial statements so staff can prepare a report for council and McFarlan says they have that and will be happy to provide it.
“We had the announcement of government funding in February of 2017 and it came with the stipulation that we have to be open, providing care, by March, 2018. We opened in March by hiring staff and training, with our first resident at the end of May. And that was sufficient in the eyes of the Ministry to provide funding.”
“We have a grant in front of us for up to 680-thousand dollars, towards our capital expenses, but we need matching funds. And so we approached the county to ask for those matching funds so we can access this grant and this would be a long way towards reducing that fund-raising cost towards our community.”