West Sacramento, Calif. — In the quarter ending Dec. 31, 2017, Rural Community Assistance Corporation (RCAC) closed 25 loans totaling more than $19 million to assist rural communities in Arizona, California, Colorado, New Mexico, Oregon, Utah, Washington and Wyoming.
The loans will support a wide range of community development projects. For example, one loan will support a new mechanical wastewater treatment plant in Colorado; and another will support a rural Utah school’s expansion.
Crook, Colorado received a $130,000 loan to fund design engineering and land acquisition for a new mechanical wastewater treatment plant. Its current sewer collection system is faltering and violates state standards. Town officials applied for and received U.S. Department of Agriculture Rural Development funding for a new system. RCAC’s loan will help Crook complete the design engineering portion of the project to facilitate the USDA loan/grant closing.
The Maria Montessori Academy in North Ogden, Utah, will use the $4.7 million RCAC loan to expand its existing facilities for its junior high students. The funding will allow the school to increase its enrollment from 655 to 720 students. Eleven classrooms, lockers, a gymnasium and offices will be added to the school.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of December 31, 2017, RCAC closed 984 loans which totaled $505,129,993 and leveraged more than $2.005 billion for projects in rural communities. These loans supported 86,414 individual water and wastewater connections for rural citizens, 13,835 housing units; 10,719,925 feet of community facility space; and created or retained 17,820 jobs. RCAC currently has 294 loans under management, totaling more than $64.7 million. Additionally, RCAC manages 55 loans totaling more than $43.5 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. Read more about RCAC’s Loan Fund products.
Contact:
Juanita Hallstrom, director
RCAC Loan Fund
(916) 447-9832 ext. 1065
jhallstrom@rcac.org
