Keuka College has closed on a pair of loans that will allow it to purchase Keuka Commons.
The Finger Lakes Times reports one loan, for $11 million, comes from the US Agriculture Department. The other is a $6 million dollar USDA loan secured by Canandaigua National Bank. The loan proceeds will be used to purchase Keuka Commons, the Keuka Park location that houses the college bookstore, wellness center, office and classroom space. In a statement, college President Amy Storey said “this is very positive news for both the college and the community. Keuka College has been moving aggressively over the past several years to strengthen its financial stability, and these loans are an important step in that process.”
She says the low interest rates being charged on the loans will save Keuka millions of dollars over the next 30 years. Keuka received help in obtaining the loans from Senator Chuck Schumer and Congressman Tom Reed. Schumer called Keuka a vital contributor to the higher education community in the Finger Lakes and an important economic driver.
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