Natchez Regional Medical Center has received approval for its plan to borrow $3 million to cover the hospital’s financial and administrative restructuring.

The loan plan was approved through the state-sponsored Mississippi Development Bank. Officials said the hospital will get the money from a local bank.

Part of the loan will pay for a study of the publicly owned hospital. Officials are trying to determine whether the hospital should be leased or sold.

In May, the financially struggling hospital laid off 65 workers.

Officials have said the hospital is losing between $250,000 to $300,000 per month.