West Sacramento, Calif. — In the quarter ending Dec. 31, 2016, Rural Community Assistance Corporation (RCAC) closed 40 loans and grants totaling more than $2 million to assist rural communities in California, Nevada, New Mexico and Washington.
The Loan Fund secured state funding to provide loans and grants to California homeowners facing dry wells due to the drought. RCAC’s environmental staff performed pre-inspection, testing, post inspection and consumer education. Among the dozens in rural California that benefited from this program was Bonnie Nelson of Paso Robles. In June 2014, she discovered that the well at her elderly mother’s house had run dry. She eventually learned of RCAC’s well program and with RCAC loan officer Cynthia Elliott’s assistance, Nelson was put on a drilling wait list. Elliott also helped collect bids for the work and provided coordination with the drilling company, and RCAC rural development specialist Julie Connel performed the post inspection. By the end of August, there was a new well operating on the property.
United Cerebral Palsy (UCP) Association of San Luis Obispo County obtained a $300,000 revolving line of credit from RCAC’s loan fund to support its ongoing work. UCP is a well-established nonprofit corporation serving San Luis Obispo County, where it operates a county-wide transportation network that serves the disabled, their caregivers, low-income residents and the general population.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of Sept. 30, 2016, RCAC closed 880 loans which totaled $459,912,914 and leveraged more than $1.811 billion for projects in rural communities. These loans supported 76,034 individual water and wastewater connections for rural citizens, 13,150 housing units; 10,278,717 feet of community facility space; and created or retained 16,491 jobs. RCAC currently has 244 loans under management, totaling more than $68 million. Additionally, RCAC manages 47 loans totaling more than $48.8 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 the Pacific islands.
RCAC provides loans, including small business loans, technical and economic development assistance to rural communities and nonprofit organizations in its service region. RCAC also has funds available to make low interest rate/long term loans to nonprofit organizations, public bodies and federally recognized Tribes to provide essential community facilities. To find out more about RCAC’s Loan Fund products, visit https://www.rcac.org/programs-services/
Michael Carroll
RCAC Lending & Housing
916/447-9832 ext. 1003
mcarroll@rcac.org
