The state of Alabama is providing Birmingham-Southern College a path out of its financial woes.
Governor Kay Ivey gave final approval to legislation creating the Distressed Institutions of Higher Learning Revolving Loan Program, according to a statement from BSC President Daniel Coleman.
The new program is designed to help Alabama colleges and universities, both public and private, overcome financial challenges so they can continue to serve the state of Alabama and its citizens.
Here is a copy of SB 278 – the legislation that passed the Alabama Legislature – LINK.
After months of financial uncertainty, BSC in April announced it would keep its doors open for the coming year.
A watershed moment, legislators then finished crafting and passing legislation that would support not only BSC but other colleges in similar situations across the state.
Birmingham area legislators Sen. Jabo Waggoner, Sen. Rodger Smitherman and Rep. Juandalynn Givan led the effort.
Now there is a law — what’s next for BSC?
President Coleman outlined in a message to students, faculty, staff, alums and supporters a plan of action.
“The next step for BSC is to work with the state treasurer on an agreement that, along with additional funding from local government entities, will provide much-needed resources while we re-launch a philanthropic campaign. That campaign aims to raise a total of $200 million, which will make the College financially stable and resilient for the long term.”
BSC has already secured $46 million in pledges toward their endowment.
An invaluable community resource in Birmingham, recent studies show the college has $97.2 million annual econmic impact in Alabama.
Watch this space for updates on BSC and its progress.