MADELIA EDA APPROVES $3-MILLION LOAN TO SUPPORT MADELIA HEALTH

The Madelia Economic Development Authority has voted to approve a $3-million loan to Madelia Health, which is the second-largest industry in Madelia.  The hospital employes around 188 people and supports an estimated 120 additional jobs through related economic activity and that ads up to roughly 21% of all jobs in the city.  Madelia Health also provides an estimated 43% of jobs in Watonwan County.  The EDA says the economic impact shows the hospital generates around $41.2-million in direct economic output and supports an additional $33.8-million through related activities.   This comes as rural hospitals across Minnesota face growing financial pressure with over 30% of the state’s hospitals operating in the red driven by rising drug prices, workforce shortages, supply costs and employer mandate compliance costs.  The hospital also serves residents in New Ulm, Truman, St. James and Lake Crystal.