Newberry College

Borrower Story: Newberry College

The first-time the school bells rang at Newberry College in Newberry, South Carolina, James Buchanan was serving as the 33rd President of the United States and Walt Disney’s grandfather was just being born. The year was 1859, and the school that would eventually launch thousands of graduates into their vocational callings was just opening its doors.

162 years later, much has changed and yet much remains the same.

Today, Newberry College ranks 11th on the U.S. News and World Report list of Best Regional Colleges in the South. The institute of higher learning awards $16 million in scholarship money each year and offers modern degree programs not even contemplated in 1859 – such as graphic design, digital marketing, and computer science.

One thing that hasn’t changed is the close-knit community that calls Newberry, South Carolina, home. Boasting a humble population of 10,277, Newberry qualifies as “rural” according to the USDA’s definition, a classification that gave Newberry College a significant advantage when searching for competitive financing in 2021.

Newberry approached North Avenue with a desire to refinance $11.9 million in existing debt under more competitive terms. The NAC team worked tirelessly with South Carolina’s local USDA office and successfully secured a 40-year term loan guaranteed by the USDA.

Now, thanks to the diligence of the NAC team and the USDA, Newberry College has the quality capital needed to support its presence in the community for decades to come.

"Newberry College is a prime example of a premier institution that both benefits from and contributes to its rural surroundings. The town of Newberry wouldn’t be what it is today without the college; the college couldn’t be what it is without the support of the local town."

Managing Partner Alex Louis

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