QUINCY (WGEM) – Quincy University has received new funding that will help it restructure its debt and improve school programs.
QU President Brian McGee said Tuesday the $ 24 million loan will go a long way toward reallocating her debt.
The university is the beneficiary of a loan guarantee through the US Department of Agriculture’s Community Facilities Direct Loan and Grant Program.
The loan is intended to refinance the university’s existing debt, and the president said the money will go straight back to school programs and the community.
“This enabled Quincy University to unleash resources that could be used to support and assist students and further the educational mission of the institution, and enabled us to function as a university that supports the economic development of the community,” said McGee .
Quincy University also recently raised more than $ 1 million in its annual QU Fund Drive, which consists of unrestricted donations and gifts for academic departments, student clubs, and the sports department.
This year the university raised more than $ 1,027,000 to be used for things like student scholarships and operating expenses.
McGee said he was grateful for the community’s generosity.
“We are so proud that our alumni are so generous, supportive, and recognize the value and quality of education at Quincy University. And they want to support younger students – five years, ten years, 20 years, 50 years – after that. You went here to make sure they had the same great opportunity to get a QU degree. “
