Funds will support a range of nonprofits, Tribal governments and small business borrowers for job creation, affordable housing and environmental infrastructure
West Sacramento, Calif. —Rural Community Assistance Corporation (RCAC) was awarded a $1 million loan from the Oregon Community Foundation (OCF) to support RCAC’s lending in rural Oregon.
The loan will allow RCAC to keep its lending capital costs low, which helps it to be self-sustaining and to provide reasonable rates to its borrowers. OCF funds will be deployed in rural low-income Oregon communities in the full range of RCAC’s products that include short and long-term financing for affordable housing, environmental infrastructure, community facilities and small businesses. Borrowers typically are nonprofit organizations, local or Tribal governments and small business borrowers that provide services or create jobs.
“OCF launched the $20 million Oregon Impact Fund to provide a source of growth funds for nonprofit organizations and for-profit companies that are addressing problems facing urban and rural communities, such as access to housing, health care and jobs,” says Max Williams, Oregon Community Foundation CEO and president. “Matching contributions from OCF Donors make it possible for us to produce a financial return and have a positive impact on society,” he noted.
“We are excited to have the Oregon Community Foundation as a new partner in the Loan Fund. RCAC has an active portfolio of borrowers and loans in Oregon, and we look forward to this new investment creating additional opportunities for us to deploy loan capital in the state. The foundation has relationships with communities, Tribes and organizations that could use loans as a way to achieve their goals, and we are especially excited about the opportunity to support these new efforts,” said Stanley Keasling, RCAC chief executive officer.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of March 31, 2019, RCAC closed 1,064 loans which totaled $554,370,595 and leveraged more than $2.126 billion for projects in rural communities. These loans supported 89,170 individual water and wastewater connections for rural citizens, 14,595 housing units; 11,244,569 feet of community facility space; and created or retained 18,984 jobs. RCAC currently has 332 loans under management, totaling more than $77.8 million. Additionally, RCAC manages 53 loans totaling more than $41.8 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 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. About RCAC
About Oregon Community Foundation
Oregon Community Foundation (OCF) puts donated money to work in Oregon – more than $100 million in grants and scholarships annually. For nearly 45 years, OCF grantmaking, research, advocacy and community-advised solutions have helped individuals, families, businesses and organizations create charitable funds to improve lives for all Oregonians. Impactful giving–time, talent and resources from many generous Oregonians–creates measurable change.
For more information about OCF, please visit: www.oregoncf.org
Contact: Julia Helmreich
Director, Communications, Development & Events
(916) 447-9832 ext. 1008
jhelmreich@rcac.org
