SERCAP’s Community Development Loan Product
Southeast Rural Community Assistance Project, Inc.’s (SERCAP) Community Development Loans provide local governments, public service authorities (PSAs), 501(C)3 nonprofit organizations, private agencies, user associations, and more, with financing for community development and economic development projects. Projects may include, but are not limited to: building acquisitions and/or renovations, construction, and land purchases.
Service Area
SERCAP’s Community Development Loan Product is available for Rural Communities in all seven (7) states in SERCAP’s service area, of: Delaware, Maryland, Virginia, North Carolina, South Carolina, Georgia, and Florida. For the purpose of SERCAP's Community Development Loan Product, a Rural Community is defined as an area with a population of 50,000 residents or less.
Loan Information, Terms, and Fees
SERCAP’s Community Development Loan Product, includes the following loan terms and fees:
- Loans range from $10,000.00 to $250,000.00.
- Loan terms up to 10 Years.
- Loan Payments may be approved based on an amortization period determined by the useful life of the collateral, up to 10 years, with a balloon payment at maturity. Loans may be refinanced upon maturity.
- Interest Rate is 5.25%.
- No Penalty for Prepayment.
- Collateral is flexible, but is a determining factor in credit decision.
- 3% Loan Application Fee*
- 4% Loan Origination Fee*
- $600 Closing Costs.
- Applicant may Finance Application and Origination Fees, Closing Costs, and Appraisal Costs in the Loan, if provided sufficient capacity.
- Projects must serve communities with populations of 50,000 residents or less.
- Project population ideally will be at-least 30% low-to-moderate income (LMI). Projects which benefit lower incomes, such as economic development projects, will also be considered. Reasonable measures, such as US Data, will be used to research demographics.
*Fees may be rolled into the Loan, if sufficient funds are available.
For more information about SERCAP’s Community Development Loan Product, contact SERCAP’s Loan Fund at:
Email: loanfund@sercap.org
Phone: 540-345-1184
TTY: Dial 711