Erlanger Health System has secured a $50 million line of credit from First Horizon Bank to help the hospital weather the COVID-19 pandemic.
Britt Tabor, Erlanger’s chief financial officer, shared the news during an Erlanger Board of Trustees meeting on Thursday and said the money will help the hospital through “uncharted waters” presented by the pandemic.
Tabor said the loan is a “tool,” and Erlanger will not necessarily need to access the entire $50 million.
“This is an option that we have, and it’s important to have this option based on all the uncertainty,” Tabor said. “I think it’s very important financial stewardship to have this available.”
Jim Coleman, chairman of the board’s budget and finance committee, said that he’s hopeful Erlanger will not need to access the loan once they know more about the COVID-19 relief funds coming from the state and federal government.