USDA Approves $26.7 Million in Loans for Higher Education Improvements

Congresswoman Madeleine Z. Bordallo today announced that the U.S. Department of Agriculture has approved $26,700,000 in federal low interest loans through the Community Facilities Direct Loan Program. The loans will be used for capital improvement projects at the University of Guam and the Guam Community College. The loans were approved for 40 year terms and have an interest rate of 4%.

The University of Guam was approved for a $21,700,000 loan to renovate and expand the Student Services Center and construct a new engineering annex building. The total costs of the projects are $23,875,000 and will require the University of Guam to finance the remaining $2,175,000.

The Guam Community College was approved for a $5,000,000 loan to harden, renovate, and expand Building 100, which houses the Criminal Justice and Cosmetology programs, and expand the Gregorio D. Perez Crime Lab. The total costs of the projects are $8,885,545 and will require the Guam Community College to finance the remaining $3,885,545.

“I am pleased that the USDA has approved loan applications from the University of Guam and the Guam Community College to expand and renovate facilities on their campuses,” said Congresswoman Bordallo. “These funds will enable UOG and GCC to make critical improvements and will help ensure that our college students have access to modern, first-class facilities. I commend UOG President, Dr. Robert Underwood, and GCC President, Dr. Mary Okada, for their leadership in applying for these loans, and I look forward to them improving the quality of higher education available on Guam."