SERCAP's Certified CDFI Loan Fund Assists Low-Income Single Woman in Fluvanna County, Virginia!

Friday, 19 November 2021 SERCAP News

SERCAP - Web Image - for Individual Household Well Loans

Recently, SERCAP’s Certified CDFI (Community Development Financial Institution) Loan Fund assisted a low-income single woman in Fluvanna County, VA. She had been dealing with a muddy water well and requested assistance from SERCAP to have a new well drilled. Initially, she was approved for an Individual Household Well Loan in the amount of $7,000.00, based on the estimate from the well driller. However, due to the location of the client’s property, obtaining a well permit became challenging. A new well design had to be drawn-up by a soil specialist in order to receive the permit, significantly increasing the cost of the project, and the client was unable to afford the additional cost without causing serious financial hardship.

Fortunately, SERCAP’s Loan Fund was able to approve the client for an additional $3,000.00, for a total $10,000.00 Individual Household Well Loan for the project. The design work was quickly completed by Enviro Clean Co., and the well-drilling and construction work by Foster Well & Pump Company began shortly after. Once the project is complete, SERCAP’s Loan Fund will set-up an affordable monthly payment for 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 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).