The Foundation board offers new medical providers the opportunity to apply for a loan/grant in the amount of $10,000 to when they decide to locate their medical practice in Ord. This loan is to be used for a down payment toward the purchase of a home in the Ord area.
The medical provider shall have the use of the $10,000 as a loan for a period of five years. In the event that the medical provider maintains his/her practice of medicine in Ord for a period of five years, the $10,000 loan shall convert to a grant and there will be no obligation to repay any part of the $10,000 and there shall be no interest accrued. In the event the medical provider leaves Ord at any time prior to five years, the $10,000 shall be deemed a loan and shall be repayable to the Foundation, along with interest.