Since 2012, SERCAP’s Certified CDFI (Community Development Financial Institution) Loan Fund has offered an Individual Household Septic Loan Product to low-to-moderate income (LMI) homeowners across the Commonwealth of Virginia, in order to repair or replace damaged and/or failing septic systems. The development and implementation of this loan product was the result of multiple requests for septic system assistance from LMI homeowners applying for SERCAP’s Individual Household Well Loan. After several years of receiving requests for septic system assistance, SERCAP launched its Individual Household Septic Loan as a new loan product. Currently, eligible applicants can borrow up to $15,000.00 with an interest rate of 3% to 6%, depending upon income and credit worthiness, and up to a 10-year loan term, for either a traditional or alternative septic system.
Over the life of SERCAP’s Individual Household Septic System Loan Product, the disbursement of the loan product has been, as follows:
- Disbursed a Total of 22 Individual Household Septic Loans totaling $135,446.06
- Been Repaid a Total of 10 Individual Household Septic Loans totaling $64,790.00,
which has been revolved back into the loan product
- Have 12 Active Individual Household Septic Loans totaling $70,656.06,
currently in Repayment with a total remaining balance of $50,512.78
*The current average loan $ amount for SERCAP’s Individual Household Septic Loan Product is $6,156.63.
Without SERCAP’s Certified CDFI 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!
*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).