West Sacramento, Calif. — Rural Community Assistance Corporation (RCAC) received a $3 million mission investment from the David and Lucile Packard Foundation to support California borrowers during the ongoing COVID-19 crisis. RCAC will deploy the funds to California small businesses under the Paycheck Protection Program (PPP).
“We are grateful that the David and Lucile Packard Foundation was able to move quickly to support the rural communities that RCAC serves and to ensure that small businesses can continue to pay their valuable employees,” said Suzanne Anarde, RCAC Chief Executive Officer.
PPP’s first $349 billion allocation ran out, but a second allocation passed recently. Foundations including the David and Lucile Packard Foundation, the Candide Group’s Olamina Fund, Ceniarth LLC and The Schmidt Family 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, including small businesses, nonprofits, veterans’ organizations, and Tribal business concerns located in rural communities with persistent poverty. 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. About RCAC
Julia Helmreich, director
Communications, Development & Events
(916) 447-9832 ext. 1008