The U.S. Department of Agriculture’s Virginia Rural Development office today announced it has approved a $46 million low-interest direct loan and a $5 million guaranteed third-party loan for Emory & Henry College that will enable the school to finance various campus improvement projects.
“Our partnerships with institutions of higher education in Virginia are essential in improving the economy and quality of life in the state,” said Janice Stroud-Bickes, Acting Virginia State Director, USDA Rural Development. “Through this low-interest loan for Emory & Henry and others like it across the state, USDA Rural Development enables some of our most important community organizations to make affordable facility improvements and to build upon the progress they’ve already sparked. Partnerships like this one help set our young people on direct paths to being leaders in Virginia and in the world.”
Campus improvement projects the funds will help finance include the development of new apartment-style residence halls for upper class students. The Village will feature 206 beds in eight residence halls, including six apartment-style townhouses. The new living community will also include a community center featuring a workout room, relaxation areas and collaborative meeting space for the 300-plus students who live on that neighborhood of the main campus.
Funding announced today is made available through the USDA Rural Development Community Facilities Direct Loan and Grant Program, which provides affordable funding to develop essential community facilities in rural areas. Funds can be used to purchase, construct, and/or improve community facilities; purchase equipment; and pay related project expenses.
So far in fiscal year 2016, USDA Rural Development Virginia has invested in more than 70 community facilities projects that utilized more than $80 million in loans and grants.
Funding of the award announced today is contingent upon the recipient meeting the terms of the loan.
USDA Rural Development in 2015 invested more than $1 billion in rural Virginia through 40 loan, grant and loan guarantee programs in housing, business, agriculture, energy, health care and community facilities. It has employees stationed in 14 offices across the commonwealth to better serve residents where they live and to improve the economy and quality of life in rural Virginia.