West Sacramento, Calif. — In the quarter ending Dec. 31, 2021, Rural Community Assistance Corporation’s (RCAC) Loan Fund closed 18 loans, which totaled $5,702,249 in Alaska, California, Colorado, Idaho, Montana, New Mexico, Oregon, Utah and Washington. These loans supported 2,847 individual water and wastewater connections for rural citizens; 22,938 feet of community facility space; and created or retained 162 jobs.
A $762,622 loan to Alpine Water Users Association in Twin Peaks, California refinanced the system’s existing U.S. Department of Agriculture loan, which reduced the interest rate and the system’s debt service.
Whitetail Consulting, LLC, a Native American owned business in Roosevelt, Utah received a $150,000 loan for start-up and operating costs. The newly launched business provides drilling mud engineering services.
In Benton City, Washington, Frontier Ranchettes Homeowner’s Association received a $78,159 intermediate loan to pay for water system well repairs.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of Dec. 31, 2021, RCAC closed 1,594 loans which totaled $758,213,897 and leveraged more than $2.603 billion for projects in rural communities. These loans supported 137,941 individual water and wastewater connections for rural citizens, 15,821 housing units; 11,640,655 feet of community facility space; and created or retained 26,694 jobs. RCAC currently has 482 loans under management, totaling more than $106,330,714 million. Additionally, RCAC manages 57 loans totaling more than $38 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’s Loan Fund
Contact: Juanita Hallstrom
RCAC Lending & Housing
916/447-9832 ext. 1065