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A local healthcare organization sought to secure an important federal subsidy through the CDBG-DR program that would allow them to develop a state-of-the-art medical center in the metropolitan area. Our firm assisted the client through the application process, ensuring compliance with all program requirements. The successful grant award allowed the client to move forward with the project, and reduce its projected private capital need and related costs by more than 50%.
Client Overview
✸ Industry: Healthcare
✸ Client Description: A local healthcare organization focused on delivering high-quality outpatient surgical services. The client is planning the development of a new state-of-the-art ambulatory surgical center in a key urban area of Puerto Rico.
✸ Location: Urban area in Puerto Rico
✸ Project Scale: Multi million loan with favorable terms and “forgiveness” clause was secured to fund the construction and development of this advanced healthcare facility.
✸ Duration Engagement: 12 months
Challenge
The client aimed to develop a state-of-the-art ambulatory surgical center to meet the growing demand for outpatient surgical services. However, the project required substantial financial support to become a reality. The client sought to secure nearly $11 million in federal subsidy under the Community Development Block Grant Disaster Recovery (CDBG-DR) program’s Investment Portfolio for Growth initiative. Navigating the complex application process and ensuring compliance with federal and programmatic requirements presented a significant challenge
Solution
Our firm was engaged to assist the client in securing the federal subsidy through the CDBG-DR program. The process involved:
✸ Strategic Planning: We developed a detailed project proposal that aligned with the goals of the CDBG-DR program and highlighted the benefits of the surgical center to the local community.
✸ Regulatory Compliance: Our team ensured that the project met all federal, state, and local regulatory requirements, as well as CDBG-DR guidelines.
✸ Grant Application Support: We guided the client through the application process, ensuring that all required documentation and financial information were provided accurately and on time.
✸ Stakeholder Engagement: We worked closely with key stakeholders, including government officials and program administrators, to facilitate a smooth approval process.
Outcome
The collaboration resulted in a successful outcome for the client:
✸ Federal Subsidy Secured: The client was awarded a multi-million federally subsidized loan through the CDBG-DR program, enabling the development of the new facility at significantly lower cost.
✸ Project Advandcement: With the funding in place, the client was able to move forward with the construction of a state-of-the-art ambulatory surgical center.
✸ Regulatory Success: Our firm’s expertise in compliance and federal program requirements ensured a successful process, with all regulatory hurdles successfully addressed.
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