SERCAP's Certified CDFI Loan Fund Program Assists Single LMI Female in Bland County, VA!
Recently, SERCAP’s Certified CDFI (Community Development Financial Institution) Loan Fund assisted a Low-to-Moderate Income (LMI) single woman in Bland County, VA, with having a new individual household well drilled. The client was experiencing difficulties with her old well, as it was producing very little water. At its worst, the old well was only producing one (1) pint of water per minute, and would stop pumping water completely every few minutes. However, due to the client’s LMI status, she was unable to afford the whole cost of having a new well drilled on her own.
Fortunately, SERCAP was able to step-in and provide financial assistance, through a low-interest (1%), affordable loan, which covered a significant portion of the cost (79.42%) of drilling a new well. SERCAP’s Loan Fund provided an Individual Household Well Loan of $11,000.00 (the maximum allowed by USDA Rural Development), towards the $13,850.00 cost of drilling the new well. Now this client once again has reliable access to clean, safe potable water in her home.
Without SERCAP’s Loan Fund Program, and other similar services, many low-income individuals 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 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).