RALEIGH, NC— One of North Carolina’s historically black colleges/universities (HBCUs) starts its school year with a big win thanks to a new partner in the Triangle. Saint Augustine’s University (SAU) announces the closing of a credit agreement with Gothic Ventures, making it eligible to receive up to $30 million. An initial allocation consists of a $7 million term loan funded at closing. Additional allocations may be provided in the future. This strategic partnership will enhance the university’s capacity to successfully commence the fall 2024 academic semester. This vital funding underlines the university’s resilience and commitment to quality education. The agreement is secured by a deed of trust on the University’s real estate holdings.
“The partnership with Gothic Ventures marks a pivotal moment for SAU as it embarks on a multi-year strategic plan to stabilize and grow the University,” said SAU Board of Trustees Chairman Brian Boulware. “This funding secures our immediate needs while allowing us to implement our long-term vision. We believe our partnership with Gothic Ventures will be crucial to our journey toward excellence.”
The immediate impact of the $7 million term loan from Gothic Ventures is significant. It will address critical short-term cash flow requirements, ensuring the university can effectively manage its operations. Funds will be allocated to support the completion of the external audit, settle outstanding employee salaries, refund student credit balances, and cover essential operational expenses. To ensure a smooth transition, the university’s external payroll agent will process all outstanding payroll sequentially.
“This loan represents a significant affirmation of our commitment to our students and staff,” said SAU Interim President Marcus H. Burgess. “We are grateful for the belief that Gothic Ventures has placed in our vision, allowing us to focus on enhancing the academic experience while showcasing our resilience in the face of adversity.”