Program offers state's nurses financial support

The state and two loan groups will provide more low-cost mortgages and low-interest college loans.

By JAY CRIDLIN
© St. Petersburg Times
published August 27, 2002

SUN CITY CENTER -- Providing nurses with low-cost mortgages and educational loans may be the key to solving Florida's nursing shortage, Gov. Jeb Bush said Monday at South Bay Hospital, and a new joint venture between the state and two loan groups is designed to do just that.

Under the unique plan, the state will team up with federal mortgage lender Fannie Mae to give nurses increased financing opportunities and more low-cost mortgage loans.

The state will also work with the nonprofit Educational Funding of the South Inc., known as Edsouth, to give low-interest college loans to nursing students and professionals.

"This truly is one of a kind," Bush said of the initiative. "We want to make sure that people quickly get the skills they need for the jobs of the future."

There are 178,599 licensed registered nurses in Florida, but there are also 9,800 vacant nursing positions. State officials expect an additional 34,000 nurses will be needed by 2006.

The shortage of nurses is presenting the state with "a crisis unparalleled in its history," said Jack Bovender, the chairman and CEO of HCA, the hospital chain that owns South Bay.

The current average age of nurses in Florida is 45; a decade ago, it was 35. The average age of an operating room nurse is 54.

"If they don't do something to get people into that field, I fear for what the system's going to look like 10 years from now," said Alan Levine, CEO of South Bay Hospital.

Licensed nurses, nursing assistants, physicians' assistants and medical technicians, among others can qualify for the funds. Nurses will be eligible for up to 100 percent financing for home mortgages, with smaller down payments and more flexibility by lenders.

The state's partnership with Edsouth will be open to Florida residents and nonresidents who attend Florida schools and work in health care full time. The loans will carry interest rates nearly 75 percent lower than the standard rate on federally guaranteed educational loans.

Tony Hollin, Edsouth's chairman and CEO, said the program was designed with Florida in mind, and that it was the first of its kind in the nation.

"It's an outstanding loan program, and we couldn't do it without the help of the state," he said as he shook Bush's hand. "We're going to be your partner, not only this year, but the next year, and the next year."

"I think this will help tremendously," said Barbara Lumpkin, executive director of the Florida Nurses Association. "If we can just nurture our current nurses along, and get them this additional help over the next couple of years, I think the future's bright."

Bush was at South Bay for the dedication of its new emergency facility and a sculpture honoring veterans and rescue and safety officials.

Among the new facility's features are two trauma rooms and a decontamination unit for bioterrorism. Levine said the new unit will give South Bay the capacity to handle an additional 13,000 patients per year.

But, he said, the real focus of the day was the nursing initiative.

"We've got to solve the nursing shortage," he said. "You can build all the bricks and mortar you want, but if you don't have nurses to take care of the patients . . . " He just shrugged.

Levine said South Bay currently has 15 to 20 nursing vacancies, and that the new facility will create about 10 more nursing jobs.

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