The Transylvania Times -

Academy Board OKs Conditions For USDA Loan - Brevard NC


Last updated 4/8/2020 at 2:56pm

In a special meeting last Thursday afternoon, the Brevard Academy: A Challenge Foundation Academy Board of Directors unanimously adopted a resolution approving a letter of conditions (LOC) for a Rural Development Community Facilities loan from the U.S. Department of Agriculture. The school financed its campus on the Hendersonville Highway through Challenge Found-ation Properties and has been working to have the loan switched over to the USDA.

The terms of the USDA loan, if approved, would be for $7 million at an interest rate not to exceed 2.375 percent per annum. The principal and interes...

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