Family Health Centers
Application Acceptance: August 24, 2020 Please note all information provided below is as of the date of the application submission with the exception of Loan Size & Closing Date.
Obligor: FHC provides high quality health care services in the communities of Okanogan, Omak, Tonasket, Oroville, Bridgeport, Brewster, and Twisp. FHC operates 10 clinics that offer vital health services including adult and child medical care, naturopathy, dental care, obstetrics, internal medicine, lab, WIC (Women, Infant & Children), behavioral health services, substance use disorder, palliative care and pharmacy services. In addition to the traditional stand-alone facilities, FHC also conducts outreach dental services through a mobile unit in order to reach the more secluded, rural areas of Okanogan County.
FHC is also one of the larger employers in Okanogan County with 153 clinical and 55 non-clinical (support) staff. In 2019, FHC served 18,889 patients with a combined number of 68,204 visits (per 2019 Uniform Data System Health Center Report).
Loan Size: $4,500,000
Description of Loan: Proceeds of the loan will be used to refinance a New Market Tax Credit loan for a medical facility located in Omak, WA, which comes due around 11/1/2020; a second loan for the furniture and fixtures associated with the facility; and to pay issuance costs.
Interest Cost Savings: It is anticipated by FHC that it will save approximately $672,663 in interest costs over traditional taxable interest rate financing.
Purchaser: North Cascades Bank
Closing Date: November 30, 2020