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Worries arise that loan to Saint Augustine's University could threaten school's future

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www.youtube.com – ABC11 – 2024-11-20 17:21:21


SUMMARY: St. Augustine’s University faces significant financial struggles, with millions in debt raising alarms among community members regarding its partnership with Gothic Ventures. Concerns center on the 24% interest loan agreement, which includes a 2% management fee and collateralizes campus properties. Critics fear that failure to repay could lead to the university’s closure. Gothic Ventures, noting the university’s financial challenges, expressed a willingness to discuss modifying the loan terms. Opponents demand changes like lowering the interest rate to 9% or enabling debt transfer to alleviate the strain on the historically Black college and secure its future.

A group of leaders are worried about a $7 million loan given to Saint Augustine’s University. The group includes religious leaders, social justice advocates and SAU alumni. Together, they spent Wednesday raising awareness about the loan and pushing for a solution to the school’s financial challenges.

Story: https://abc11.com/post/saint-augustines-university-despite-financial-accreditation-struggles-leaders-join-forces-push-save-hbcu/15563919/
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News from the South - North Carolina News Feed

Congressional delegation makes pitch to Pentagon for onRamp Hub | North Carolina

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www.thecentersquare.com – By Alan Wooten | The Center Square – 2024-11-22 13:16:00

SUMMARY: Thirteen of North Carolina’s 16 congressional members are urging the Pentagon to establish an onRamp Hub in the state during the next Defense Innovation Unit expansion. North Carolina, which hosts five military bases and contributes significantly to the state’s economy with 540,000 jobs and $48 billion in gross state product, aims to enhance its defense innovation ecosystem. In a letter to the Defense Innovation Unit’s deputy director, lawmakers highlighted the state’s academic strengths and ongoing partnerships with small businesses. The push for the hub is led by Senators Ted Budd and Thom Tillis, with support from several U.S. Representatives.

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News from the South - North Carolina News Feed

Helene: Insurance company complaints few, though coverages eye-opening | North Carolina

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www.thecentersquare.com – By David Beasley | The Center Square contributor – 2024-11-22 11:13:00

SUMMARY: North Carolina regulators have not received many complaints about insurance companies denying claims after Hurricane Helene, according to the state’s insurance commissioner spokesman, Jason Tyson. However, homeowners are discovering that damage types like flood and mudslides may not be covered by their policies. Disputes also arise over whether damage was caused by wind or flood. Tyson emphasized the lack of flood insurance among homeowners and noted that mudslide coverage is uncommon. The state insurance office offers mediation services for disputed claims at no cost to consumers. They encourage homeowners to call for assistance regarding denied claims.

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News from the South - North Carolina News Feed

Forecast is positive for state revenue from busy holiday travel | North Carolina

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www.thecentersquare.com – By Alan Wooten | The Center Square – 2024-11-22 10:49:00

SUMMARY: North Carolina, despite having the fifth-highest gasoline tax in the U.S. at 40.4 cents per gallon, currently enjoys a relatively favorable average unleaded gasoline price of $2.87, ranking 17th nationwide. As the state prepares for Thanksgiving, which could see 79.9 million Americans traveling, its tourism industry is projected to contribute approximately $35.6 billion to the economy. Unleaded gas has improved over recent weeks, although it’s only 18 cents less than the national average of $3.05. The lowest prices are in Jacksonville at $2.75, while diesel averages $3.42. The state has over 8 million vehicle registrations, with around 100,000 being zero-emission vehicles.

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