SERCAP's Certified CDFI Loan Fund Program Assists Low-Income Single Man in Montgomery County, VA!

Friday, 29 January 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 man in Montgomery County, VA, to complete critical repairs to the well at his home. He had been experiencing difficulties with his well, and as it turned out, the well pump kept locking up and the pressure tank needed to be replaced.

However, due to the client’s low-income status, he was unable to afford the full cost ($3,163.00) of the repairs on his own, without causing serious financial hardship. Fortunately, SERCAP was able to step-in and provide financial assistance, through a low-interest (1%), affordable loan in the amount of $1,963.00, covering 62.06% of the cost of drilling the project. Additionally, SERCAP’s Loan Fund set-up an affordable monthly payment for the client, further reducing the potential for financial hardship. The contract was awarded to Shell Pump Services, and now the client once again has reliable access to clean, safe drinking water at his home.

Without SERCAP’s 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 Is Life! Fund. 

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*Funding for SERCAP’s Certified CDFI 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).