Recently, SERCAP’s Certified CDFI (Community Development Financial Institution) Loan Fund assisted a low-income, senior woman in Campbell County, VA. Since she had been experiencing low water pressure at her home from her old well, she hired a contractor to clean out her drains to try to correct the problem. However, these efforts back-fired and eventually the old well went completely dry, leaving her without access to water at all. Additionally, her low-income status prevented her from affording the cost of having a new well drilled, without causing serious financial hardship. Therefore, she reached out to SERCAP to request assistance with having a new well drilled.
Fortunately, SERCAP’s certified CDFI Loan Fund was able to help, and initially she was approved for an Individual Household Well Loan in the amount of $11,000.00, based on the estimate from the well-driller. The property title search result revealed that there was a reverse mortgage on the home, making it impractical to secure the loan through a Deed of Trust. SERCAP’s Loan Committee reviewed the application a second time and determined, that due to the client’s excellent credit history, SERCAP could secure the loan through a Security Agreement and Promissory Note.
The construction was awarded to Cunningham Well Drilling, Inc., who completed the project on Wednesday, December 15, 2021, for a total project cost of only $7,000.00, far below the initial estimate. Now that the project is complete, SERCAP’s Loan Fund will set-up an affordable monthly payment with the client, further reducing the potential for financial hardship, and fully restoring reliable access to clean, safe drinking water at her home.
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!
*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).