Alderson Broaddus University President Dr. Tim Barry addressed faculty and students during a press conference to announce the U.S. Department of Agriculture is investing more than $27 million through the Community Facilities Direct Loan Program.
For more than three years, ABU officials have been working closely with the USDA to secure a loan which will be used to acquire assets of the university campus and continue to serve students and the Barbour County community.
“We have this economic partnership, and by strengthening this institution and our part of the equation, it will only, in turn, benefit this whole region,” said Dr. Barry.
USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas.
“We are together with the community of Philippi for 150 years, for all intent and purposes, and Barbour County, and as we go, so they go to a great extent,” continued Dr. Barry.
The USDA Rural Development investment will be used for the Endowment Corporation and enable ABU to develop new program offerings and meet needs in the surrounding area.
“We think we have some really sound niches, and this will buttress those niches as we move forward,” said Barry.
“We had some unfortunate circumstances in the past. We’ve addressed that. We’re moving on.”
The immediate effect on the financial position will aid in determining the financial viability of the university. Officials will continue working to establish a long-term financial plan moving forward.
“We weren’t at a dead stop. This continues and accelerates our growth, our development, and our fulfillment of the mission of AB,” said Dr. Barry.
Officials say they are grateful to have secured the loan funding, and they look forward to their continued work on campus and throughout the community.