b'Paycheck Protection Program The result was a staggering $14 million in capital raised in just over one month. By the time PPP expired in August, RCAC distributed $9.2 million to 98 small businesses, In March 2020, businesses across the country faced finan- providing direct paycheck relief for employees in 13 cial uncertainty as states implemented various measuresstates. Indigenous, Tribal or Native small business owners to address the COVID-19 pandemics economic impacts.comprised 21 percent of PPP loans, and 48 percent were The initial economic shutdown resulted in the loss ofmade in persistent poverty communities. nearly 23 million jobs. The federal Paycheck Protection Program (PPP) was created to provide low-interest, easilyRe-emErging Loan Fund accessible loans for small businesses to keep their work-force employed. As both a Community Development Financial Institution and Small Business AdministrationAs efforts were underway to process and disperse PPP lender, RCAC was in a unique position to process PPPloans to rural communities across the West, RCACs Loan loans while leveraging its extensive rural network. Fund team discussed how to best position rural, Tribal In just days, RCAC dedicated its considerable resources toand Native businesses to return to their markets in a a multi-pronged effort that involved community out- post-COVID-19 environment. In April , RCAC created the reach to borrowers, fundraising and building a logisticalRe-Emerging Loan Fund (RELieF). RELieF combines two machine that could process and distribute funds quicklyRCAC core strengths: lending and technical assistance. and efficiently. RCACs more than 40 years of communityThe RELieF program provides loans to small businesses lending and relationship building paid off. Longtimeimpacted by COVID-19 in rural communities. In addition funders and newcomers alike stepped up to contributeRELieF borrowers have access to RCAC Building Rural lending capital in impressive amounts. RCAC staff acrossEconomies (BRE) program business coaches. The coaches 13 states carried out an outreach campaign, and tappedreview borrower financials and create a custom plan to into extensive regional networks and personal connec- maximize how the borrowers use RELieF funds. Repay-tions to local business owners.ment under RELieF is structured to accelerate recovery, and funds repaid to RCAC will be committed to future disaster response efforts or hardship business cases.RCAC Annual Report | 7'