Saint Augustine’s University has secured a significant financial partnership with Gothic Ventures, designed to propel the institution into a new chapter of growth and stability.
Under this new agreement, SAU will gain access to up to $30 million, starting with an immediate $7 million term loan.
This strategic funding comes at a pivotal time for the university, which is facing various financial hurdles while preparing for the upcoming academic year.
These include completing an external audit, settling employee salaries, refunding student credit balances, and covering essential daily operational expenses. This funding ensures the university can effectively manage its operations just in time for the fall semester.
From the University
“This loan represents a significant affirmation of our commitment to our students and staff,” added SAU Interim President Marcus H. Burgess. “We are grateful for the belief that Gothic Ventures has placed in our vision, allowing us to focus on enhancing the academic experience while showcasing our resilience in the face of adversity.”
Kip Johnson, the founder and managing general partner of Gothic Ventures, stated that the collaboration signifies a shared vision for a brighter future.
“We are excited to partner with Saint Augustine’s University during this pivotal time,” said Johnson. “Our belief in the transformative power of education aligns with the University’s historic mission, and we are confident that this collaboration will lead to future successes for the institution and its community.”
The partnership aims to ensure the university can navigate current difficulties and thrive in the future.
“The partnership with Gothic Ventures marks a pivotal moment for SAU as it embarks on a multi-year strategic plan to stabilize and grow the University,” said SAU Board of Trustees Chairman Brian Boulware. “This funding secures our immediate needs while allowing us to implement our long-term vision. We believe our partnership with Gothic Ventures will be crucial to our journey toward excellence.”
