Healthcare Loan Program (HeLP)
A combined effort of the Michigan Finance Authority and the MHA Service Corporation, the Healthcare Loan Program (HeLP) gives you tax-exempt borrowing of up to $25 million for equipment, modernization, new construction and more. HeLP spreads program costs and achieves big savings for customers, with rates near half the prime rate.
- Lower interest rates associated with tax-exempt, public financing
- Shared costs of issuance and administrative fees with other participating borrowers
- No prepayment penalty
- Each borrower is responsible only for its own loan
- Loans available from $500,000 to $25 million
- Individual credit pricing and approval
- Loan amortization: up to 20 years
- Financing for equipment and construction
Who is Eligible?
Borrowers must be private, non-profit Michigan healthcare organizations. A credit rating is not required, however, borrowers must meet the loan requirements of the credit support facility. Borrowers include hospitals, nursing homes, clinics, hospices, home health agencies, VNAs, ambulance companies, etc.
Commerce Bank Automated Payment Solutions program
The MHA partners with Commerce Bank to provide the Commerce Bank Automated Payment Solutions program, which creates process efficiencies, reduces cost, maximizes employee resources and earns revenue share on payments.