County Board approves $140K microloan for Odom Medical Group's new clinic in Foley

Benton County has taken a significant step towards enhancing local healthcare access by approving a $140,000 microloan for Odom Medical Group during the Board of Commissioners meeting on February 4, 2025. This funding will support the construction of a new primary care clinic in Foley, Minnesota, aimed at addressing the healthcare needs of a medically underserved area.

The proposed clinic will be a single-story facility covering approximately 6,000 square feet, featuring 12 exam rooms, an x-ray room, and a lab, among other essential spaces. The project is expected to create at least seven full-time jobs, offering salaries of $25 per hour. The total cost of the project is estimated at over $3.3 million, with the microloan representing just 4.4% of the total expenses.

The loan, which will be amortized over 20 years with a 10-year balloon payment at an interest rate of 5.5%, has been thoroughly vetted by the county's loan committee. The committee emphasized the importance of this initiative in improving healthcare access for residents in the area, particularly given the current designation of much of the county as medically underserved.

In addition to the healthcare funding, the meeting also included the establishment of a local housing trust fund, aimed at facilitating affordable housing initiatives in the county. This fund will be supported by state-wide affordable housing aid, although future allocations remain uncertain.

The Board's decisions reflect a commitment to addressing critical community needs, with the microloan for Odom Medical Group poised to significantly impact healthcare delivery in Benton County. As the project moves forward, it is expected to enhance the quality of life for residents by providing essential medical services closer to home.