Spartanburg Methodist College Finances, Refinances With $4.5 Million in JEDA Bonds
Spartanburg, SC — Spartanburg County
Spartanburg Methodist College (SMC) is using a $4.5 million bond issue through the South Carolina Jobs-Economic Development Authority (JEDA) to finance improvements and refinance earlier projects at the 110-acre Upstate campus.
The Economic Development Revenue Bonds will refinance bonds issued in 2005 and 2010 used to construct new dormitories, renovations, and other capital improvements at the 1,100-student school. The new funding also will be used to finance IT and other infrastructure improvements to residence halls and athletic facilities.
SMC was founded in 1911 and was known as the Textile Industrial Institute until 1942 and then Spartanburg Junior College until 1974. SMC became a four-year school in 2019 and now offers six associate degrees and nine bachelor’s degree programs.
“Tax-exempt financing through JEDA has long been a critical piece of our ability to improve our existing facilities and add more capacity for service and growth.”
Michael Crocker, Chief Financial Officer for Spartanburg Methodist College
“We’re pleased and honored to guide SMC through the complex process of bond issuance,” said Brad Love, Bond Counsel with Haynsworth Sinkler Boyd, P.A., in Greenville.
“JEDA has long been a key financial partner to institutions of higher learning across South Carolina. We’re happy to assist Spartanburg Methodist College with this financing,” said Jesse A. Smith, Executive Director of JEDA in Columbia.
