West Sacramento, Calif. — In the quarter ending Sept. 20, 2021, Rural Community Assistance Corporation’s (RCAC) Loan Fund closed 29 loans in 13 states, which totaled $12,650,523. These loans supported 1,192 individual water and wastewater connections for rural citizens; 123 housing units; 68,741 feet of community facility space; and created or retained 365 jobs.
During fiscal year 2021, RCAC’s team processed and closed a record 284 loans and 15 household well and septic grants, which represents a 67 percent increase over 2020; and closed 209 Paycheck Protection Program (PPP) loans, a 113 percent increase over 2020.
The FY21 loans closed included 20 Re-Emerging Loan Fund (RELieF) loans, which totaled $448,750. RCAC’s Building Rural Economies (BRE) team supports the RELieF program by providing coaching for our business loans. In this impactful cross departmental collaboration, borrowers attend two coaching sessions with the BRE team before the loan is closed.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of Sept. 30, 2021, RCAC closed 1,576 loans, which totaled $752,511,648 and leveraged more than $2.586 billion for projects in rural communities. These loans supported 135,094 individual water and wastewater connections for rural citizens; 15,821 housing units; 11,617,717 feet of community facility space; and created or retained 26,535 jobs. RCAC currently has 559 loans under management, totaling more than $117,086 million. Additionally, RCAC manages 56 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 products