Funding for the Paycheck Protection Program (PPP) has been exhausted. The Small Business Administration will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through Community Financial Institutions like Rural Community Assistance Corporation (RCAC), financial lenders who serve underserved communities.
West Sacramento, Calif. — In the quarter ending June 30, 2018, Rural Community Assistance Corporation (RCAC) closed 11 loans totaling nearly $6.5 million to assist rural communities in California, Hawaii and New Mexico.
July 25, 2018 marks Rural Community Assistance Corporation (RCAC) Loan Fund’s 30th anniversary. RCAC created the Loan Fund in 1988 with an initial $1 million investment from the Ford Foundation. An additional $1 million loan (later converted to a grant) from Bank of America boosted lending capital. The Loan Fund was later certified as a Community Development Financial Institution (CDFI).
This week, RCAC staff will join U.S. Sen. Mazie K. Hirono and the nonprofit Hawaii Agriculture Research Center (HARC) to celebrate completion of 82 renovated or new historical and affordable agricultural worker rental homes in Kunia Village on the Hawaiian island of Oahu.
West Sacramento, Calif. — In the quarter ending March 31, 2017, Rural Community Assistance Corporation (RCAC) closed 20 loans totaling more than $6 million to assist rural communities in Arizona, California, Hawaii and New Mexico.