Certified CDFI Loan Fund Assists Low-Income Single Man Living in Pittsylvania County, VA

Friday, 03 June 2022 Stories, SERCAP News

SERCAP - Web Image - for Individual Household Well Loans

Recently, SERCAPs Certified CDFI (Community Development Financial Institution) Loan Fund assisted a low-income single man living in Pittsylvania County, VA, to have a new individual household well installed at his home. He has lived in his home for 23 years, but as of eight (8) months ago, began experiencing difficulties with his well. Initially, the well flowed freely for about a two-week period, but then the flow of water would slow to a trickle while the well re-filled itself over a two-day period. This cycle left the client in desperate need of potable water during the two-day refilling period, however, due to his low-income status he was unable to afford the cost of having a new well drilled on his own, without causing serious financial hardship.

Fortunately, SERCAPs certified CDFI Loan Fund approved him for an Individual Household Well Loan in the amount of $15,000.00, and the agency also awarded him a $1,000.00 grant through its Essential & Critical Needs program, to cover the full cost of the project. Construction for the project was awarded to Southside Well Drilling, Inc., and SERCAP’s Loan Fund staff set-up an affordable monthly payment with the client, further reducing any potential for financial hardship.

Without SERCAP’s Certified CDFI Community Development Loan Fund Program, and other similar services, many low-income households and communities would be forced to go without such necessities as reliable access to environmentally sound wastewater disposal solutions, 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 United States 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!

Donate Today: https://sercap.networkforgood.com/projects/27202-sercap-s-water-is-life-fund.


*Funding for SERCAPs Certified CDFI Community Development Loan Fund is primarily made possible by USDA Rural Development, and SERCAPs own Agency Revolving Loan Fund. Additionally, all of SERCAPs programs in Virginia, including the Essential & Critical Needs Program, are funded and/or leveraged by an annual Budget Appropriation granted to SERCAP by the Virginia General Assembly, which is administered by the Virginia Department of Housing and Community Development (DHCD).