SERCAP's Certified CDFI Loan Fund Program Assists Low-Income Family of Two in Bedford County, VA!
Recently, SERCAP’s Certified CDFI (Community Development Financial Institution) Loan Fund assisted a Low-Income family of two (2), an elderly woman and her adult son (who is a Veteran) living in Bedford County, VA, to have their individual household well repaired. The clients were experiencing difficulties with their well running dry and needing it to be properly sealed (through a process called Hydro-fracking). However, due to the clients’ low-income status, they were unable to afford the cost of these necessary repairs on their own.
Fortunately, SERCAP was able to step-in and provide financial assistance, through a low-interest (1%), affordable loan, which covered 83% of the cost of repairing the well. SERCAP’s Loan Fund provided an Individual Household Well Loan of $5,000.00 to cover a significant portion of the cost of repairing the well, replacing the pump, and Hydro-fracking the well in order to properly seal it. Now the clients once again have a fully functioning well and reliable access to clean, safe drinking water.
Without SERCAP’s Loan Fund Program, and other similar services, many low-income individuals and communities would be forced to go without such necessities as reliable access to clean drinking water, indoor plumbing, safe and affordable housing, community development and infrastructure needs, water/wastewater infrastructure solutions, and more. It is important to remember that even in the US in the 21st Century; there are those who do not have reliable access to clean, safe drinking water, environmentally sound septic facilities, and affordable housing. In order to help SERCAP continue to provide assistance to both the individuals and communities in need, please consider making a donation to SERCAP’s Water Life! Fund!
*Funding for SERCAP’s Loan Fund is primarily made possible by USDA Rural Development, and SERCAP’s own Agency Revolving Loan Fund. Additionally, all of SERCAP’s programs in Virginia, are leveraged by a Budget Appropriation granted to SERCAP by the Virginia General Assembly, and administered by the Virginia Department of Housing and Community Development (DHCD).