The U.S. Department of Agriculture (USDA) is investing $27,755,000 in Alderson Broaddus University through the Community Facilities Direct Loan Program.
“We are pleased to be able to provide assistance to the Alderson Broaddus Endowment Corporation through the Community Facilities Direct Loan Program,” said USDA Rural Development West Virginia State Director Kris Warner. “We know that the University is an economic driver throughout north-central West Virginia. This funding award will support job creation, retention, and economic vitality to help ensure the long-term sustainability of this institution in Barbour County.”
The USDA Rural Development investment will be used for the Endowment Corporation to acquire certain assets of the Alderson Broaddus University campus, which will then be leased back to the University. This will enable AB to develop new program offerings to meet needs in the surrounding area.
“Despite the challenges facing West Virginia and higher education in general, AB continues to move forward to provide the highest quality education and deliver innovative programs to meet students where they are in a contemporary society,” Alderson Broaddus University President Tim Barry said. “This funding will assist in the implementation of our Strategic Decision-Making Model which includes increasing adult education and expanding degree programs.”
The USDA loan will allow for the reallocation of additional resources to cover operating expenses at AB. The immediate effect on the financial position will also result in improved numbers in the University’s Composite Financial Index (CFI), a key indicator used by the Higher Learning Commission in determining financial viability.
“Alderson Broaddus is vital to the community of Philippi and the entire region,” said Congressman David B. McKinley. “This loan will strengthen the University’s mission and benefit the economic-well-being of Barbour County. We are proud to have worked with the leadership of AB and USDA to see this to fruition.”
“AB is a valuable source of higher education in West Virginia and a real asset for our state,” Senator Shelley Moore Capito said. “I’m glad they will be able to continue providing West Virginia students with the knowledge and skills they need to build successful lives.”
Senator Joe Manchin stated, “I am pleased to join Alderson Broaddus University in announcing that the USDA is investing in AB. This will create new economic development in Barbour County that will benefit north-central West Virginia and well beyond. Alderson Broaddus is a high-quality institution that is committed to meeting the ever-changing needs of our state and this investment will enhance their ability to step up to the plate.”
Dr. Tim Barry was recently named the president of AB after serving as interim since 2015. He expressed the importance of this funding and what it means for AB and the surrounding region.
“Setting our financial house in order and reassuring our students, alumni, faculty, staff, and our communities that Alderson Broaddus University will always be there for them have been the top priorities of my administration,” said Dr. Barry. “We’re passionate about delivering the best quality education to our students so that they are equipped to work with our communities to solve today’s and tomorrow’s problems.”
“We are so grateful to our partners at the USDA, especially Kris Warner, for recognizing AB’s far-reaching contributions to our state and our region,” said Dr. Barry. “We also want to thank those who have shared in our vision for a better AB, including Congressman David McKinley and Senators Shelley Moore Capito and Joe Manchin.”
USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety, and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov.