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FHU Focuses on Long-Term Strength through Lower Interest Rates

Henderson, TN - Nov 20, 2015

The current interest rate environment created the opportunity for the university to refinance debt at a lower interest rate,” FHU Executive Vice President Dwayne Wilson said. "Since the money is being borrowed from a commercial lender," Wilson explained, “it does not cost the county anything. The board is simply the channel through which the loan from the bank is conveyed,” he said. The state allocates a maximum of $10 million annually that can be loaned to any nonprofit organization in the county; the nonprofit’s request must go through the health and education board. FHU is using the balance of the amount that was available in Chester County to refinance existing loans at a lower rate.

The FHU Board of Trustees approved the loan at their July meeting. It will be finalized Dec. 11. A similar loan is planned for early next year to again take advantage of lower interest rates.