Keuka College obtains two federal loans to buy Keuka Commons and secure its economic future

Keuka College has entered into a pair of loans that will allow it to purchase Keuka Commons.

The Finger Lakes Times reports that a loan, in the amount of $ 11 million, is from the United States Department of Agriculture. The other is a $ 6 million USDA loan guaranteed by the National Bank of Canandaigua. The loan proceeds will be used to purchase Keuka Commons, the Keuka Park location that houses the college bookstore, wellness center, offices and classrooms. In a statement, college president Amy Storey said, “This is very positive news for the college and the community. Keuka College has acted aggressively in recent years to strengthen its financial stability, and these loans are an important step in that process.

She says the low interest rates charged on loans will save Keuka millions of dollars over the next 30 years. Keuka received help securing 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.

Get the latest headlines delivered to your inbox every morning? Sign up for our morning edition to start your day. FL1 on the go! Download the free app for Android (all Android devices) or iOS (iPhone, iPad).

Comments are closed.