West Sacramento, Calif. — In the quarter ending June 30, 2017, Rural Community Assistance Corporation (RCAC) closed 14 loans totaling nearly $8 million to assist rural communities in Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, Oregon and Washington. Among those that received loans were a nonprofit organization that supports Arizona migrant workers and a rural Nevada food hub.
RCAC’s Loan Fund provided the Fallon Food Hub $50,000 to meet its short-term operating needs. The small business includes a grocery store, and sells semi-annual subscriptions to patrons who then receive a basket of fresh, locally grown seasonal fruits and vegetables. The Food Hub is vital to this rural community as it brings groceries to the older part of town where there are no grocery stores. Nor does Fallon have a public transportation system, which has often forced residents to shop at convenience stores. The loan will fund an executive director position.
Another $50,000 loan went to Campesinos sin Fronteras (CSF), or Farmworkers without Borders, in rural Yuma County, Arizona. The loan is a revolving line-of-credit that will assist the nonprofit organization with cash flow while it awaits reimbursements under a state contract for a housing rehabilitation project. CSF, founded in 1999, educates low-income, migrant, agriculture community members to prevent chronic disease, injury and illness associated with farm work.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of June 30, 2017, RCAC closed 954 loans which totaled $475,790,649 and leveraged more than $2.239 billion for projects in rural communities. These loans supported 78,532 individual water and wastewater connections for rural citizens, 13,709 housing units; 10,558,130 feet of community facility space; and created or retained 17,073 jobs. RCAC currently has 244 loans under management, totaling more than $63.9 million. Additionally, RCAC manages 54 loans totaling more than $43.9 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, Native communities, 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 financing, including small business loans, and technical, leadership and economic development assistance to rural communities and nonprofit organizations in its service region. To find out more about RCAC’s Loan Fund products, visit our Programs & Services page.
RCAC Lending & Housing
916/447-9832 ext. 1003