Glenhaven, Inc. Receives USDA Rural Development Funding for New Skilled Nursing Facility, Other Improvements
STEVENS POINT, Wis., – October 15, 2012 – USDA Rural Development approved funding through its Community Facilities program for Glenhaven, Inc. to build a new addition, remodel its current location and to refinance existing debt. Glenhaven, Inc. will receive a direct loan of $6,750,000 and a conditional commitment guaranteed loan of $2,500,000 provided by AgStar Financial Services to maintain the delivery of quality healthcare in Glenwood City and the surrounding communities – the fastest growing rural region of Wisconsin.
Currently, Glenhaven Inc. has a 44-bed skilled nursing facility that will be transferred to the new addition, while a 16-unit Community Based Residential Facility will be in its place. Additionally, $185,000 of existing debt will be refinanced for more favorable terms.
“Glenhaven Inc. has established a strong reputation in northwest Wisconsin for providing a high level of care and skilled services to the residents of their facility. They are a worthy recipient of the resources and support Rural Development is providing,” said USDA Rural Development State Director, Stan Gruszynski. “Quality hospitals, schools and libraries are the building blocks for a vibrant rural America and partnering with AgStar Financial Services on this critical community asset reflects the commitment of local leaders to see this project through.”
“AgStar is proud to partner with USDA Rural Development to fund Glenhaven’s replacement skilled nursing and renovated assisted living facility. The facility will allow staff to continue providing exceptional resident care for seniors, which is crucial for aging rural communities”, explained Bob Madsen, Associate Vice President at AgStar Financial Services. “AgStar is excited for the opportunity to be involved in this project, alongside many AgStar clients living in this community.”
Since fiscal year 2009, USDA Rural Development’s Community Facilities Program has helped an estimated 30 million rural Americans address essential challenges in health care, education, public service and public safety by financing projects through loans, grants, or loan guarantees.
Over the past year, USDA Rural Development invested $558 million throughout rural Wisconsin and helped a record number of residents receive funding for economic development projects and quality of life improvements. The agency’s investment in Wisconsin helped create or retain an estimated 2,000 jobs; aided 2,900 families in buying their own homes; and assisted more than 200 communities in improving community facilities and upgrading local infrastructure.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, has an active portfolio of more than $172 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
To learn more about Rural Development, visit our website at www.rurdev.usda.gov/wi.
For additional information on RD projects, please visit Rural Development’s new interactive web map featuring program funding and success stories for fiscal years 2009-2011. The data can be found at: http://www.rurdev.usda.gov/RDSuccessStories.html.
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