BELLEVILLE – Busey Bank is proud to support the financing of Southern Illinois Healthcare Foundation’s (SIHF) latest initiative aimed at expanding healthcare services in Belleville. SIHF, a nonprofit organization dedicated to providing comprehensive healthcare services to communities throughout Southern Illinois, will now be able to purchase and renovate a four-story, 59,425-square-foot facility to expand healthcare services for the Belleville region.
This impactful project was made possible through the use of federal and state New Markets Tax Credit (NMTC) programs, which are designed to stimulate investment in low-income communities and encourage economic development in areas where traditional capital may not be readily available. Busey partnered with SIHF on this complex financing by providing multiple loans, including a federal NMTC leverage loan and a federal NMTC equity investment.
With financing now in place, the planned renovations will allow SIHF to consolidate and expand its services under one roof, creating a seamless care experience for patients. In addition to offering improved community health resources, the expansion will provide a significant number of new jobs.
“Access to quality healthcare is essential for thriving communities,” said Rob Schwartz, Senior Vice President – Market President with Busey. “This investment represents a transformative opportunity for Belleville, and we are proud to support SIHF in their mission to deliver accessible healthcare while also fostering economic growth.”
The acquisition of the downtown facility, located in a Medically Underserved Area as designated by the U.S. Department of Health and Human Services, marks the first phase of a broader community revitalization effort for SIHF.
Through collaborative financing efforts, Busey continues to invest in projects that support economic development and drive meaningful, positive change in the places we call home.
