Healthcare Equipment Loan Program (HELP)
The Healthcare Equipment Loan Program (HELP) is a tax-exempt financing plan
that offers Michigan health care organizations a low-cost alternative to
conventional methods of borrowing for a variety of capital-related purposes.
HELP involves a group of borrowers participating in a single bond issue and
sharing the costs of issuance and administrative fees associated with the bond
HELP is offered through the combined efforts of the Michigan
Finance Authority and the
Michigan Health & Hospital Association Service Corporation.
Borrowers must be non-profit Michigan health care 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, visiting nurses associations, ambulance
Contact the Authority Finance Division staff or the MHA Service Corporation
regarding your healthcare organization's eligibility.
HELP funds may be used to finance the acquisition and installation of
equipment or construction, or to refinance existing debt including leases. The
term of the loan is subject to the useful life of the assets financed. Funds may
be applied to nursing homes or hospices owned by a hospital, or the nursing home
or hospice may borrow independently. Working capital or accounts receivable are
not eligible for financing, although if you choose to finance capital budget
items through HELP, this can free-up cash for any use you may have. Hospitals
may also borrow the costs associated with the bond issuance as well as the first
year credit support fees.
Please contact MFA for detailed information.
|Michigan Finance Authority
Austin Building, 1st Floor
430 W. Allegan
Lansing, MI 48922
Phone: (517) 335-0994
Fax: (517) 241-9509