Keuka College has closed a pair of loans that will allow it to purchase Keuka Commons.
The Finger Lakes Times reports that one loan, $11 million, is coming from the USDA. The other is a $6 million USDA loan guaranteed by the National Bank of Canandigua. Proceeds from the loan will be used to purchase Keuka Commons, the Keuka Park site that houses the college library, health center, office and classroom space. “This is very positive news for both the college and the community,” College President Amy Storey said in a statement. “Keuka College has been moving aggressively over the past several years to enhance its financial stability, and these loans are an important step in that process.”
She says the low interest rates charged on the loans will save Keuka millions of dollars over the next 30 years. Keuka received assistance in obtaining loans from Senator Chuck Schumer and Congressman Tom Reed. Schumer described Keuka as a vital contributor to the Finger Lakes higher education community and an important economic driver.
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