AP NEWS

Keystone College Gets $9.9 Million USDA Loan To Refinance Debt

December 7, 2018

LA Plume Twp. — Keystone College received a $9.9 million loan from the United States Department of Agriculture enabling it to refinance debt at a more favorable, stable rate.

The loan is in the form of a structured fixed-rate loan with an interest rate of 3.8 percent over 35 years.

Keystone qualified for the loan because of its position as a major employer and economic contributor in a rural location in Northeast Pennsylvania, according to a news release from Keystone.

During the last 10 years, Keystone’s total economic impact to the local and state economy has been more than $150 million. Keystone’s 200 full-time and 200 part time employees have an approximate annual “take home” pay of about $9 million, most of which is spent in the local community and taxes paid by Keystone employees exceed $300,000 each year, the release said.

— STAFF REPORT

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