Calvo signs-off on loan tourniquet for GMH
Guam - Financial help is on the way for the Guam Memorial Hospital. Governor Eddie Calvo signed-off on a $12 million loan with the Bank of Guam to give the hospital a much needed cash infusion. The funding was half the actual amount GMH was authorized by law to borrow; the Bank of Guam however was only willing to loan the hospital that amount.
GMH spokesperson Connor Murphy says the agency's board of trustees must first approve the loan before the money becomes available, adding, "This loan has been many months of work and three pieces of legislation in the making so we're finally glad to see it moving forward. And our board will have a special meeting on Monday to basically formally accept the terms of the loan as written and formally accept the loan. so once that's done, in the next few days, after that, we will see some of that money come in so we can use that to pay our most critical vendors who have been waiting patiently for their payment."
The money will go toward paying vendors for medication, supplies, and other services needed to keep the hospital operational. The board is scheduled to meet next Monday at 7pm.