West Sacramento, California — The U.S. Department of the Treasury awarded $1.826 million in COVID-19 relief funds to Rural Community Assistance Corporation (RCAC). RCAC was one of 863 community development financial institutions (CDFIs) to receive $1.25 billion in funds. Vice President Kamala Harris announced the awards with Treasury Secretary Janet Yellen at the White House on
The Treasury’s grant comes through the CDFI Rapid Response Program (CDFI RRP), which provides capital for CDFIs to respond to economic challenges the COVID-19 pandemic created, particularly in underserved communities. The funds will support RCAC’s Loan Fund activities including affordable housing development, environmental infrastructure and small business lending and coaching.
RCAC Chief Executive Officer Suzanne Anarde praised the news saying, “We are thrilled to receive this Treasury Department’s CDFI Fund award. It provides RCAC flexible capital that we can deploy quickly to small businesses, underserved Indigenous and rural communities that the global pandemic impacted.”
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 program areas including affordable housing, environmental services, economic development and lending. About RCAC
Julia Helmreich, director
Communications, Development & Events
(916) 447-9832 ext. 1004