May 27, 2014
This month, Ashesi University Foundation received $1.05M in low-interest loans to fund urgently needed student housing at Ashesi University. The loan funds, together with philanthropy, will fund a 96-bed dormitory. This new capacity will help ease the demand for housing at Ashesi, which greatly exceeds supply. This year, 300 of our 600 students lived on campus.
“For Ashesi to successfully transform students’ ethics and attitudes, to foster community within our diverse student body, and to encourage a willingness to take responsibility and to lead – we must have more on-campus living and gathering spaces. I am hopeful that the patient capital loans will be a useful and diverse kind of revenue stream in the future,” Patrick Awuah, Ashesi’s Founder and President.
The patient capital loans allow investors to support Ashesi while preserving their long-term capital and realizing a modest financial return. Once the dormitory is completed, rent payments will provide the revenue stream for repayment with interest of 4% over a period of 15 years. The Ashesi community is deeply grateful to the seven individuals and foundations who helped launch this new income stream for Ashesi. Special thanks to Ashesi volunteers Darren Nitze who provided the pro bono legal counsel and Conrad Gehrmann who drove the project to completion!
Ashesi is still raising funds to build additional dormitories for students. Please contact foundation@ashesi.org to learn how you can help.