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RCAC details technical assistance and bridge lending for rural water projects
Summary
Rural Community Assistance Corporation (RCAC) described technical assistance services and short-term loans to bridge grant reimbursement delays, and highlighted eligibility for environmental infrastructure loans in rural communities under 50,000.
Jerry Furlong, loan officer with the Rural Community Assistance Corporation (RCAC), outlined RCAC's technical assistance offerings and environmental infrastructure loan products for rural and tribal communities.
RCAC provides on-site technical assistance for grant applications, FAST and USDA application support, rate studies, policy development, emergency response plans and workforce training. "Our technical assistance can help maneuver around many of the programs you have heard about today," Furlong said.
Loan examples: Furlong described bridge loans and revolving lines of credit to pay contractors when grant reimbursements are delayed, noting that reimbursements from funders can take 60–90 days while contractors often require 30-day payment terms. He gave examples including a wastewater treatment plant expansion that used RCAC bridge financing while awaiting a $10,666,000 state grant reimbursement, solar installations and park construction. He also described a $402,000 tank installation and a parcel purchase loan with a 12-month drawdown and 20-year amortization secured by real estate.
Eligibility and next steps: RCAC's environmental loans serve rural communities with populations under 50,000 and systems that primarily serve low-income communities; eligible borrowers include nonprofits, government entities and federally recognized tribes. Furlong directed attendees to the CFCC handbook for loan terms and to RCAC staff in the breakout room for project-level discussions.
