Hospitals find it tough to borrow

NORMAL -- Hospital officials in central Illinois indicate expansion projects are being delayed because economic woes have dried up long-term financing for tax-exempt bodies.

President and Chief Executive Officer Roger Hunt said Thursday BroMenn Regional Medical Center in Normal will delay breaking ground for its $54 million building addition by several months because of the lack of financing.

Carle Foundation Hospital in Urbana has delayed beginning construction of its $236 million expansion project for at least six months.

Hunt says for all practical purposes, there is no bond market for hospitals. He says until the market opens up again, expansion won't start because the institution wants to borrow money at a favorable rate.