Alabama Governor Kay Ivey signed the Birmingham Southern Bill Friday morning which means the funding will take effect and Birmingham Southern College will get their loan and the school will be able to remain open.
BIRMINGHAM, Ala. - Governor Kay Ivey signed the bill Friday morning that will create a state loan program for embattled higher education institutions that will extend $30 million in loans to Birmingham-Southern College that will help the financially struggling school survive.$37 million in fundingBSC leaders say they worked for quite some time to raise funds on their own for months, and it wasn’t until last April that they announced that they had raised enough money to stay open.
Birmingham Southern College President, Daniel B. Coleman, released the following statement on social media Friday afternoon:Gov. Kay Ivey has signed SB278 into law, creating the Distressed Institutions of Higher Learning Revolving Loan Program. This program is an important part of the College’s financial package, and we look forward to continuing to work with the State Treasurer and others to ensure that it has maximum impact for BSC while protecting Alabama taxpayers.
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