significant impact
on the community. It is experiencing financial hardship, leading to a closure of the institution. It also has to have assets sufficient to pledge as collateral. Birmingham Southern probably does, because of the 200 acre campus and many buildings.” The loan program would be called “The Distressed Institutions of Higher Education Revolving Loan Program Fund.” If enacted, it doesn’t have any specific details about funding, but Waggoner said it will be given out by the state treasurer. He said Birmingham Southern will likely need 30 million to stay open.
“We are going to put this bill on what we call the fast track,” Waggoner said. “This legislation will probably save Birmingham Southern College. It is very well respected in this community and it’s an institution we have to keep alive and functioning in Birmingham and in the state of Alabama.” Waggoner said he thinks the bill will likely pass next week. House representatives introduced a similar bill to the House this week.to read the full bill.