GRMC approves $340,000 capital loan

After approving the additions of new services and equipment in the March board meeting, the Graham Regional Medical Center board agreed to a three-year $340,000 loan with Graham Savings and Loan Tuesday.

GRMC had already approved the purchase of new sterilizers for $72,000, echocardiogram equipment for $95,000 and a nuclear medicine machine for $173,000.

“As presented last month we had General Electric financing options potential on the table for the nuclear medicine machine at 5% interest,” GRMC CEO Shane Kernell said. “We had options to either borrow money or cash flow on the other two pieces of equipment. The thought back then was to either cash flow it or reach out to some philanthropic sources.”

He said after the March meeting he met with GE and the company had changed the options which would not work for the hospital. The options included a fair market value lease which GRMC would have had to pay a lease then pay fair market value at the end of the lease to purchase, which was predicted to be around $100,000. The second option included an operating lease where the hospital would never own the equipment and instead continuously make monthly payments.

For the rest of the story see the Saturday, April 20 edition of The Graham Leader.