West Sacramento, Calif. — Rural Community Assistance Corporation (RCAC) received a $2 million investment from The Schmidt Family Foundation to support California borrowers during the ongoing COVID-19 crisis. The funds will be used to advance loans to small businesses under the Paycheck Protection Program (PPP), which will help them continue to pay their employees.
“We are grateful for The Schmidt Family Foundation’s support. With this investment, RCAC will continue to provide much needed relief to the rural communities we serve,” said Suzanne Anarde, RCAC Chief Executive Officer.
PPP’s first $349 billion allocation ran out, but a second allocation passed recently. Foundations including The Schmidt Family Foundation, Ceniarth, LLC, the Candide Group’s Olamina Fund and The David & Lucile Packard Foundation are stepping in to provide interim funds to Community Development Financial Institutions like RCAC to ensure COVID-19 related stimulus reaches vulnerable communities.
As of May 12, RCAC has made 57 loans totaling nearly $6.5 million. For more information about RCAC’s PPP lending, visit: www.rcac.org/lending/paycheck-protection-program-ppp/
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. To learn more about RCAC, visit http://www.rcac.org.
Julia Helmreich, director
Communications, Development & Events
(916) 447-9832 ext. 1008