SERCAP’s Certified CDFI Community Development Loan Fund Assists Low-income Couple in Scott County, VA!

Friday, 18 June 2021 SERCAP News

SERCAP - Web Image - for Individual Household Well Loans

Currently, SERCAP’s Certified CDFI (Community Development Financial Institution) Loan Fund is assisting a low-income couple in Scott County, VA, to have a new well drilled at their home. The couple has been getting their water from a shared spring, however the spring cannot support the demand for water usage from every household to which it is currently connected. The couple realized that their best course of action would be to drill their own individual household well, but due to their low-income status, they would not be able to afford the cost of drilling a new well on their own, without causing serious financial hardship.

Therefore, they applied to SERCAP’s Certified CDFI Loan Fund for a loan to assist with the cost of drilling the new well. Fortunately, SERCAP’s Loan Fund approved the couple for an Individual Household Well Loan in the amount of $11,000.00, with a low-interest rate of only 1% and a 10-year loan-term. The clients are currently looking for a contractor who can complete the project, and drilling will start once a contract for the work has been signed. Once the project is complete, SERCAP’s Loan Fund will set-up an affordable monthly payment for the clients, further reducing the potential for financial hardship, and providing them with reliable access to clean, safe drinking water at their home.

Without SERCAP’s Certified CDFI Community Development Loan Fund Program, and other similar services, many low-income families 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!

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*Funding for SERCAP’s Certified CDFI Community Development 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).