SERCAP's Certified CDFI Loan Fund Approves Loan to Assist Low-Income Couple in Amherst County, Virginia!

Friday, 20 August 2021 SERCAP News

SERCAP - Web Image - for Individual Household Well Loans

SERCAP’s Certified CDFI (Community Development Financial Institution) Loan Fund just approved an Individual Household Well Loan to assist a low-income couple in Amherst County, VA. Recently, the couple began experiencing significant difficulty with their individual household water well, due to especially low water pressure. They determined that the well was in need of repairs, however, because of their low-income status, they are not able to afford the necessary repairs on their own, without causing serious financial hardship.

Fortunately, the couple applied to SERCAP’s Certified CDFI Loan Fund for a loan to assist with the cost of repairing their well. SERCAP’s Loan Fund just this month approved them for an Individual Household Well Loan in the amount of $2,000.00, with a low-interest rate of only 1% and a 10-year loan-term. The project has been sent to Central Virginia Well, who estimated $3,000.00 as the total project cost. The repair work will begin shortly, and once the project is complete, SERCAP’s Loan Fund will set-up an affordable monthly payment for the couple, further reducing the potential for financial hardship, and fully restoring 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 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!

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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).