Rural Community Assistance Corporation (RCAC) was awarded $1.5 million this week from the United States Treasury’s Community Development Financial Institutions (CDFI) Fund.
RCAC’s Loan Fund will deploy the funds across its rural footprint to finance high-impact environmental, community facilities and self-help housing projects and provide loans to small businesses that create jobs. RCAC is a certified Community Development Financial Institution (CDFI), with an AERIS™ rating of AAA+2.
“The investments from the CDFI fund are a major source of equity for our loan fund, and are leveraged many times over at RCAC. This is a real boost to expand our lending in the rural west,” said Stanley Keasling, RCAC Chief Executive Officer.
According to a CDFI press release, to date the CDFI fund has invested more than $2 billion in CDFIs and Native CDFIs.
“This milestone underscores the transformative impact CDFIs are having in low-income, distressed, and underserved communities and areas of persistent poverty. In businesses financed, real estate developed, affordable housing constructed and improved access to the financial system, CDFIs are empowering change and revitalization in their communities,” said CDFI Fund Director Annie Donovan in the release.
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. Services are available to communities with populations of fewer than 50,000, other nonprofit groups, Tribal organizations, farmworkers, colonias and other specific populations. 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/
Michael Carroll, director
RCAC Lending & Housing
916/447-9832 ext. 1003