Saint Augustine’s University, a historically Black institution in Raleigh, North Carolina, has recently signed an agreement with Gothic Ventures that will provide the HBCU with the opportunity to receive up to $30 million in credit. The new collaboration will allow the university to alleviate short-term financial concerns and prepare for future operational success.
Initially, Saint Augustine’s University will be provided with $7 million from Gothic Ventures. This first wave of funding will assist with short-time cash flow concerns, support an external audit, settle outstanding employee salaries, refund student credit balances, and cover any outstanding operational expenses.
“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.”
