West Sacramento, California — The U.S. Economic Development Administration (EDA) granted Rural Community Assistance Corporation (RCAC) $2.5 million to establish a revolving loan fund (RLF). RCAC’s RLF will target existing small businesses and nonprofits in all sectors that COVID-19 affected. The fund will target the Sierra Nevada region in Northern California.
An RLF provides a flexible capital source for businesses. When a business repays a loan, the RLF reuses the funds to support more businesses. EDA established 500 RLFs nationwide to support economic development; and it issued 39,000 loans across the United States.
RCAC Chief Executive Officer Suzanne Anarde praised the news saying, “RCAC is honored to be entrusted with this revolving loan fund. The economic health of the Sierra Nevada region is vital to the rest of California and RCAC is committed to serving these communities.”
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