A struggling Alabama college recently secured a $15 million loan and said it plans to announce its next president soon.

Talladega College, one of the oldest historically Black colleges in Alabama, recently got a loan from Hope Federal Credit Union, based in Mississippi. The college has had financial difficulties for at least a year, but leaders say there’s a bright path forward.

“When we looked at the opportunity to invest in Talladega, it was a no brainer,” Hope Enterprise CEO Bill Bynum said of the decision to lend the school money. Bynum said Talladega is an “anchor institution that plays a significant role in advancing prosperity.”

Talladega College’s 2023 budget was $34 million, according to the college’s Year in Review.

While the scope of Talladega’s financial difficulties remains unclear, last year the school enacted administrative changes, a reduction in force, the start of a collection agency, as well as cuts to non-revenue generating sports programs such as gymnastics and golf.

“We have taken significant and deliberate steps to improve the financial health of our beloved institution,” Board of Trustees Chair Rica Lewis-Payton said this month. She said Hope’s investment is “a testament for their confidence in Talladega’s future.”

Walter Kimbrough, interim president, said recent cost-saving measures include the pro bono support of a public relations and marketing firm and an enrollment management consultant.

He said there were 80 applicants for the president position, and the search committee will announce the new president in the next week or so.

Lewis-Payton said 120 students will graduate in May. The college’s 2023 enrollment was 1,237 students.

“This institution has stood for over 150 years as a beacon of light, and it is imperative that it remains for many generations to come,” Lewis-Payton said. “We are committed and highly motivated to ensure that it does. Along with the challenges, though, are great opportunities.”