Bottom line: US $ 28.2 million loan to Rutland Regional Medical Center for new Huebner building costs much less than expected
MONTPELIER, Vermont, October 19, 2021 – Today, the United States Department of Agriculture,
Development – VT / NH (RD) announced that its direct loan of $ 28,271,073 to Rutland
Regional Medical Center (RRMC) for the construction of the Thomas W. Huebner medical practice
Building closed at an interest rate of 2.25%, significantly lower than the original 3.875% rate.
The reduction is expected to save $ 10,769,125 over the 35-year loan term. USDA Community
Credit facilities allow interest rates to fall at the time of closing, but never above
RD funded the project through its direct loan program for community facilities in November
2018 — the first quarter of the 2019 federal fiscal year — and the Huebner Building has opened
on October 19, 2020. The namesake of the long-time former President and CEO of RRMC, the
facility provides more space and equipment to strengthen critical health services in Rutland
region, including the Vermont Orthopedic Clinic (VOC), Physical Medicine & Rehabilitation,
and Ears, nose, throat and audiology. These practices have suffered over the years of
Inadequate floor plans and square footage as the area’s population and demand for treatment increased.
RRMC also used part of the funding to renovate its loading dock and reuse the old
VOC building to house the administrative offices of the finance and human resources departments.
Cheryl Ducharme, Acting State Director for RD in Vermont and New Hampshire, was
happy to make the announcement. “The Thomas W. Huebner office building is a
symbol of the life-changing and life-saving impacts that R&D programs can have on rural areas
communities like Rutland, ”she said. “Employing over 1,600 people and serving thousands
of patients in central Vermont, importance of Rutland Regional Medical Center to the community
cannot be overstated. We are proud to help build its capacity and provide more access for
patients, and now that the cost is below projections, there is more to be cheerful about.
“The funding that Rutland Regional Medical Center has received through the USDA community
The facilities program was fundamental to our ability to modernize our health system, ”explained
Claudio Fort, President and CEO of Rutland Regional. “This program has not only enabled us to
build the Thomas Huebner Medical Office Building, but he also supported renovations of
hospital infrastructures, such as our dietetic service and our loading dock. By offering low interest rates
loans for rural health care organizations like Rutland Regional, USDA becomes a partner in
achieve the goal of providing better care that also costs less.
About USDA Rural Development
Under the Biden-Harris administration, Rural Development provided loans and grants to help
expand economic opportunities, create jobs and improve the quality of life for millions of
Americans in rural areas. This aid supports the improvement of infrastructure; Business
development; lodging; community facilities such as schools, public safety and health care; and
high speed internet access in rural, tribal and very poor areas. For more information,
visit www.rd.usda.gov. If you would like to subscribe to USDA Rural Development Updates, visit
our GovDelivery subscriber page.
About Rutland Regional Medical Center
Rutland Regional Medical Center the largest community hospital in Vermont and is supported by
a medical staff of 256 physicians, nurse practitioners and advanced practice providers trained in
37 specialty areas. The 144-bed hospital is supported by approximately 1,700 employees. With a
a strong focus on the patient, consistent quality performance, recognition of Magnet® nursing care,
and award-winning care, Rutland Regional remains committed to improving the health of families
and individuals in parts of southern and central Vermont and in communities in eastern
New York State with prevention, diagnostic, acute care and rehabilitation services.
USDA is an Equal Opportunity Provider, Employer and Lender
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