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Outline of Need:
The interest rate on old bonds that had been issued in prior years for construction of the facility were starting to take a toll on the everyday cash flow of Terrace Gardens Retirement Center, Inc., a 16 bed handicapped residential care facility and making financial survival challenging. The board composed of community leaders were looking for a way to lighten the load for this much needed facility in this small rural community.
How Rural Development Helped:
A local non-profit corporation applied for, and received a Guaranteed Community Facility Loan to purchase the residential handicapped care facility. The area and local office of Rural Development worked hand-in-hand with their guaranteed lending partner, U.S. Bank to facilitate the application for the loan.
The Results:
With the cooperation, dedication, and teamwork of U.S. Bank and the local Rural Development office, this community will keep this essential facility in a supressed are of rural Missouri. The facility will then be leased back to the original owner, Terrace Gardens Retirement Center, and the funds from this guaranteed loan will lead to greater opportunities and growth.
(June 2002)
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