West Sacramento, Calif. — Rural Community Assistance Corporation (RCAC) received a $3 million investment from the Olamina Fund to be used for Paycheck Protection Program (PPP) loan advances. RCAC will deploy the funds to support small businesses operating in California.
RCAC, a Community Development Financial Institution (CDFI) has been processing PPP loans during the COVID-19 pandemic but needed additional investments to advance funds to businesses so they can continue to pay their employees.
“RCAC is grateful to the Olamina Fund and the Candide Group for its $3 million investment in our Loan Fund, to support Paycheck Protection Program lending and our rural communities during this difficult time,” said Suzanne Anarde, RCAC Chief Executive Officer.
“We see this effort as an example of how investors can tangibly show up for the most impacted and overlooked communities, in a way that addresses both the need for immediate relief, as well as the need for thoughtful, long term structural change,” says Olamina Portfolio Manager Leslie Lindo.
Foundations including the Candide Group’s Olamina Fund, Ceniarth LLC, the David and Lucile Packard Foundation and The Schmidt Family Foundation are stepping in to provide funds to CDFIs like RCAC to ensure COVID-19 related stimulus reaches communities that might otherwise be unable to access the funds.
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. About RCAC
Julia Helmreich, director
Communications, Development & Events
(916) 447-9832 ext. 1008