Greater Commercial Lending Completes $80 Million in Financing for Expansion and Renovation of Lane Regional Medical Center

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Jan 19, 2023, 15:55 ET

Government-Guaranteed Loan for Louisiana Hospital Brings Capital to Rural Healthcare

RENO, Nev., Jan. 19, 2023 /PRNewswire/ -- Greater Commercial Lending (GCL), which provides government-guaranteed loans to businesses and organizations in rural communities, has completed $80 million in financing for Lane Regional Medical Center in Zachary, Louisiana.

The loan package, guaranteed by the U.S. Department of Agriculture (USDA), will go towards renovating and expanding the existing hospital facility.

The project includes construction of an 82,000-square-foot four-story tower, which will comprise a new patient nursing unit, a surgery unit with a central sterile services department, an ICU waiting room and administrative and general support space. The renovation will provide expanded admitting and lobby space, as well as improvements to the outpatient surgery unit, surgery support space, radiology, pre-admit testing, post anesthesia care unit and special procedures.

"GCL is committed to helping organizations in rural areas gain access to financing at favorable terms that might otherwise be unavailable or difficult to obtain," said Jeremy Gilpin, executive vice president of GCL, one of the largest originators of USDA loans. "Rural healthcare systems like Lane are vitally important and this project will enable them to extend and enhance the critical care they provide."

"We are excited about the future of Lane and what this expansion means to all we serve," says Lane CEO Larry Meese. "Upon completion in 2026, our newly modernized facility will expand Lane's ability to provide patient-centered care as well as enhance our mission to provide exceptional healthcare services to every patient, every time."

The facility is expected to be completed in 2026 and will bring more than 520 jobs to the community.

About Greater Commercial Lending
Greater Commercial Lending (GCL) is a credit organization that brings together banks, credit unions and other lenders to provide U.S. government-guaranteed loans to businesses and initiatives in rural and under-served markets throughout the U.S. and its territories. It helps finance key infrastructure services, like power, renewable energy, transportation and fiber optics, as well as schools, hospitals, restaurants, agriculture, hotels and manufacturers. GCL partners with the U.S. Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA), which guarantee loans, to arrange credit at favorable terms. GCL's network of lenders includes approximately 185 banks, credit unions and other financial institutions.

About Lane Regional Medical Center
At Lane Regional Medical Center, we value community and take pride in the role we play as caregivers. It is an honor to say that we serve as the primary healthcare resource for approximately 200,000 of our neighbors located throughout Zachary and the surrounding region of Baker, Central, Clinton, Jackson, St. Francisville, New Roads, North Baton Rouge and Southern Mississippi.

Lane began as a community hospital in 1960. Over the years, we evolved into a 131-bed healthcare system by continually expanding and adding new capabilities and technologies.

Offering a full range of inpatient and outpatient diagnostic services, Lane supports Interventional Cardiology, Medical & Radiation Oncology, OB/GYN, Gastroenterology, General Surgery, Pediatrics, Dermatology, Wound Care and Hyperbaric, as well as Orthopedics, Labor & Delivery, In-Patient Rehabilitation, Home Health, Family Medicine, Emergency Services and After-Hours Urgent Care.

With more than 850 dedicated team members, Lane is the largest employer within the city of Zachary. The hospital continues to grow and invest in the community by recruiting new physician specialists and providing access to exceptional healthcare services, technologies and programs. Lane's mission is to provide exceptional healthcare services to every patient, every time. Our core values are Quality, Service, Stewardship, Teamwork and Innovation. For more details, please visit us online at LaneRMC.org and follow us on Facebook at Facebook.com/LaneRMC.

Media contact:
Michael-Jon Romano
Allison+Partners
[email protected]

SOURCE Greater Commercial Lending