Maharishi University of Management has received a $12.1 million loan from the United States Department of Agriculture.
U.S. Congressman Dave Loebsack announced the loan award Thursday afternoon. The money will go toward improving eight buildings on campus. The funding comes from the USDA?s Community Facilities Direct Loans program.
?Rural development grants provide vital services to support economic development in our communities,? said Loebsack. ?I am pleased that these funds will be used to improve infrastructure on the Maharishi University campus, as well as encourage growth and economic development in the Fairfield area.?
The loan is for 30 years at a 3.375 percent interest rate.