窪蹋勛圖厙 College has received a $9.9 million loan from the United States Department of Agriculture which will have a positive impact on the college and the students it serves.
The USDA $9.9 million investment is in the form of a structured fixed-rate loan with an interest rate of 3.8 percent amortized over 35 years, enabling 窪蹋勛圖厙 to refinance its debt at a more favorable and stable rate. 窪蹋勛圖厙 qualified for the USDA financing program because of its position as a major employer and economic contributor in a rural location in Northeastern Pennsylvania.
We are tremendously grateful to the USDA for its support of and confidence in 窪蹋勛圖厙 College. We appreciate all that the USDA does to promote equal access and prosperity in rural Pennsylvania, said 窪蹋勛圖厙 College President Tracy L. Brundage, Ph.D.
We extend our most sincere thanks to all our local, state, and federal representatives who assisted us in this endeavor, particularly U.S. House of Representatives members Lou Barletta and Tom Marino and members of the local community. Without their advocacy, this loan may never have come to fruition, said 窪蹋勛圖厙 Vice President of Finance and Administration Stuart Renda.
Dr. Brundage and Mr. Renda said that the USDA recognized 窪蹋勛圖厙 as a major economic driver in Northeastern Pennsylvania, particularly in the Factoryville, La Plume, and Tunkhannock areas. During the last 10 years, 窪蹋勛圖厙s total economic impact to the local and state economy has been more than $150 million. 窪蹋勛圖厙s 200 full-time and 200 part time employees have an approximate annual take home pay of about $9 million, most of which is spent in the local community and taxes paid by 窪蹋勛圖厙 employees exceed $300,000 each year.
Also, 83 percent of 窪蹋勛圖厙 students reside in Pennsylvania and 37 percent are from rural counties such as Wyoming, Susquehanna, Bradford, and others. 窪蹋勛圖厙 has been included on the Presidents Honor Roll for Community Service for five consecutive years, recognizing the 26,000 hours of service performed each year by 窪蹋勛圖厙 students, faculty and staff.
Enrolling approximately 1,400 students, 窪蹋勛圖厙 offers more than 40 undergraduate and graduate degree options in liberal arts and science-based programs in business, communications, education, fine arts, natural science, environmental resource management, geology, and social sciences. Located 15 minutes from Scranton, Pa. and two hours from New York City and Philadelphia, 窪蹋勛圖厙 is known for small class sizes and individual attention focused on student success through internships, research, and community involvement.
