TALLADEGA -- Talladega College recently received two Rural Development loans from the U.S. Department of Agriculture (USDA), according to a press release Wednesday from the office of Congressman Mike Rogers.
These loans will help cover cost overruns for the college’s new student activity center and dormitory.
One loan, for $1,624,000, will be used to purchase furniture, fixtures and equipment. The loan has terms of 20 years at 3.5 percent interest. The other loan, for $2,776,000, with a term of 40 years at 3.5 percent, will be used towards additional construction and material costs.
Additional funding for these projects include a $16 million Rural Development Community Facilities Direct Loan awarded in 2016 and $3 million in New Market tax credits.
“I am pleased to see Talladega College getting the help they need to cover this important project for the students there,” Rogers said. “I congratulate (school President) Dr. Billy Hawkins today. I am pleased to see the federal government making this exciting investment in Talladega.”