Keuka College secures $11M federal loan

KEUKA PARK--Keuka College has received some long-awaited good news: after a review of the college's financial stability, the U.S. Department of Agriculture has approved a Rural Development Community Facilities loan worth upwards of $11 million.
The approval, which caps a two-plus-year application process, comes with a letter of conditions requiring the college to meet a number of obligations before the loan is issued.
"This welcome news could not come at a better time," said college President Amy Storey. "The pandemic has created all kinds of new challenges for our region... The more favorable interest rates provided through this federal loan will save the college more than $20 million over the next 30 years."
Storey said the funds will be used, in large part, to purchase Keuka Commons, the 28,000 square-foot multipurpose complex on the corner of Assembly and Central Avenues. The college now leases the building, which opened in 2016.