West Sacramento, Calif. — The Erich & Hannah Sachs Foundation, based in Yountville, California, has renewed and increased a five-year investment to RCAC for work in rural communities throughout the American West. The foundation has been an RCAC investor since December 2003. The $500,000 loan will support RCAC’s Loan Fund which provides low-interest financing to borrowers in often neglected rural areas.
RCAC founded its Loan Fund in 1988. The U.S. Treasury certified RCAC as a Community Development Finance Institution (CDFI) in 1996; RCAC’s Aeris rating is 4 Stars AA plus Policy Plus. As a CDFI, RCAC lends in four program areas—affordable housing (including operating lines of credit for nonprofit housing developers), environmental/infrastructure (water, wastewater and solid waste systems), community facilities and small businesses.
“Investors like The Sachs Foundation are vital to our Loan Fund’s sustainability,” said Stan Keasling, RCAC Chief Executive Officer. “We appreciate the foundation’s long-standing commitment to helping us create vibrant, enduring rural communities.”
Reynold M. Sachs established The Erich & Hannah Sachs Foundation in 1997 to honor his parents who were World War II immigrants from Germany. Mr. Sachs’ parents faced intolerance and economic hardship, and developed a deep commitment to tolerance and improving the quality of people’s lives by creating greater economic and educational opportunities for those less fortunate or less able.
A small group of professionals manages the foundation, allowing it to minimize salaries, overhead and administrative costs, both of its own and those of the charitable organizations and institutions it funds. This allows for most of the foundation’s annual funding to go to exemplary charitable programs, and to support access to loans, community loans, childcare and drug rehabilitation facilities, and affordable housing.
“We cast our net quite wide,” says Caryn Sachs, president of the foundation. “RCAC works with migrant farmworkers, in community development, and with potable water issues, and we are proud to support the organization in that work.”
RCAC’s loan fund is capitalized at more than $130 million and welcomes potential borrowers. For more information about the Loan Fund and to access loan applications, go here.
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 a broad range of community and economic development services and lending to support local efforts. To find out more about RCAC visit www.rcac.org.
Contact:
Michael Carroll, director
RCAC Lending & Housing
916/447-9832 ext. 1003
mcarroll@rcac.org
