Durbin, Duckworth announce $24 million loan to Quincy University

WASHINGTON – U.S. Senators Dick Durbin (D-IL) and Tammy Duckworth (D-IL) on June 25 announced a $24 million loan to Quincy University through the U.S. Department of Agriculture’s Community Facilities Direct Loan and Grant Program.

The loan will be used to provide long-term financing by refinancing existing debt on property located with Quincy University. The refinancing will allow for a more effective debt structure and improved cash flow for the university. This project will benefit more than 1,400 staff members, faculty and students. Rural Development will be providing an 80 percent loan guarantee for this project.

A total of $59,193,800 in federal loans and grants were given to 10 rural communities in Illinois to rebuild and modernize essential services.

“These loans and grants will help rural communities throughout Illinois expand economic opportunities and improve both quality of life and public safety,” said Durbin, a member of the Senate Agriculture, Forestry and Nutrition Committee, in a press release. “Senator Duckworth and I will continue working to ensure that our state’s rural communities have access to these critical federal funds, especially as our state continues to recover from the economic impacts of the COVID-19 pandemic.”

“Federal investments like these will help rural communities across Illinois improve infrastructure, create economic opportunities and support our state as we build back better post-pandemic,” Duckworth said in the press release. “I will continue working with Senator Durbin and others to make sure hard-working Illinoisans throughout our state receive the federal support they deserve.”