West Sacramento, Calif. — In the quarter ending Dec. 31, 2015, Rural Community Assistance Corporation (RCAC) closed 29 loans totaling more than $8.3 million to assist rural communities in Arizona, California, New Mexico, Oregon, Washington and Utah with housing, water infrastructure and community development projects.
For example, RCAC’s $5.3 million loan is helping an Oregon orchard owner to establish a dedicated facility, The Puff Factory, LLC, to process, package and ship freeze-dried fruit products derived from apples, berries, cherries and pears. The owner, Jacqueline Alexander, has invested the last three years researching and developing the products and the new facility’s processes. She also worked with Oregon State University’s Food Innovation Center in Portland and is leasing space within that facility, where she has a small-scale processing line used to produce fruit products for research and marketing.
Another $600,000 RCAC loan is providing the Cedar Band Corporation of Utah working capital to spur business growth. The Cedar Band of Paiutes owns CBC BevCo (BevCo), a certified small disadvantaged minority business enterprise. The company produces and bottles eight premium California wine varietals, which adhere to Paiute cultural principles; and the grapes are sustainably farmed and certified according to the Lodi Rules of Sustainable Winegrowing. The loan will help the company expand its workforce, and marketing and sales among Native American gaming organizations, their distributors and consumers.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of Dec. 31, 2015, RCAC has closed 838 loans, which totaled $447,747,504 and leveraged more than $1.635 billion for projects in rural communities. These loans supported 73,903 individual water and wastewater connections for rural citizens; 12,930 housing units; 10,262,279 feet of community facility space; and created or retained 16,232 jobs. RCAC currently has 233 loans under management, totaling more than $70.6 million. Additionally, RCAC manages 44 loans totaling more than $40.5 million on behalf of other lenders and investors.
Founded in 1978, RCAC provides training, technical and financial resources and advocacy so rural communities can achieve their goals and visions. RCAC serves rural communities in 13 western states and western Pacific islands. Services are available to communities with populations of fewer than 50,000, other nonprofit groups, tribal organizations, farmworkers, colonias and other specific populations. RCAC staff provides direct services in collaboration with local and community partnerships in three program areas: affordable housing, environmental services, and lending. RCAC provides loans, including small business loans, technical and economic development assistance to rural communities and nonprofit organizations in its service region. To find out more about RCAC’s Loan Fund products, visit http://www.rcac.org/programs-services/
Contact: Michael Carroll
RCAC Lending & Housing, director
916/447-9832 ext. 1003