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Article: GU Lends $5 Million To Women's College; Mount Vernon Campus Put Up as Collateral
- Article from:
- The Washington Post
- Article date:
- May 15, 1993
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Mount Vernon College, seeking to stave off insolvency, will borrow
$5.5 million from Georgetown University, using its Foxhall campus for
collateral, officials from both schools said yesterday.
Mount Vernon President LucyAnn Geiselman will use the money to add
seven new masters programs, repair several aging buildings and repay
$1.4 million the school had borrowed from its supporters.
When the agreement was signed, "I practically danced across the
street," Geiselman said. "It is the infusion of working capital that
I have been seeking."
For Georgetown, the deal was an opportunity to help out another
institution, or, if Mount Vernon fails, a chance to add 24 nearby
acres to its crowded ...