EMORY, VA (WJHL) – A private, Christian liberal arts school in Southwest Virginia has received approval for a multi-million dollar loan to fund projects on campus.
Virginia 9th District Congressman Morgan Griffith announced Emory and Henry will receive a $46 million low-interest loan, as well as a $5 million guaranteed third-party loan from the United States Department of Agriculture Rural Development.
According to a release, the money will be used to build a new apartment-style residence hall, called “The Village. It will include eight residence halls, with more than 200 beds and six townhouses.
The release also says, the” new living community will also include a community center featuring a workout room, relaxation areas and collaborative meeting space for the 300-plus students who live in that neighborhood of the main campus.”
“This partnership with the USDA is a major step forward in the development of a true 21st century living and learning environment at Emory & Henry,” said Jake B. Schrum, Emory & Henry College President.
“Our partnerships with institutions of higher education in Virginia are essential in improving the economy and quality of life in the state,” said Janice Stroud-Bickes, Acting Virginia State Director, USDA Rural Development. “Through this low-interest loan for Emory & Henry and others like it across the state, USDA Rural Development enables some of our most important community organizations to make affordable facility improvements and to build upon the progress they’ve already sparked. Partnerships like this one help set our young people on direct paths to being leaders in Virginia and in the world.”