Loan Funds
As part of its support for community development programs
and supportive services for individuals and their families,
RCAP Solutions manages three loan funds:
CDFI Certification Renewed
RCAP Solutions Financial Services was recently notified that their CDFI Certification through the US Treasury was renewed.
Certification as a Community Development Financial Institution - or CDFI - allows organizations, such as RCAP Solutions Financial Services,
to participate in CDFI Fund Programs.
These Programs help provide credit, capital, and financial services to underserved populations and communities in the United States.
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Rural Developments Community Programs Guaranteed Loans |
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Child Care Centers
Adult Day care Centers
Airports
Libraries / Town Halls
Schools
Senior Centers
Multi-Service Centers
Recreational Facilities
Medical and Educational Telecommunication Links |
Clinics
Nursing Homes
Rehab Centers
Ambulatory Care Centers
Hospitals
Police & Fire Stations
Fire Truck or Equipment
Rescue or Emergency Vehicles
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Through their Community Guaranteed Loans Program the USDA can guaranty up to 90% with only
a 1% fee on the guaranteed amount. |
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Funds may be used to construct, enlarge or otherwise improve essential community facilities.
Funds may also be used to cover the costs of acquiring land, leases, and rights-of-way necessary
to develop the facility and the equipment necessary for the operation of the facility. |
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Maximum term is 40 years or the useful life of the assets |
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Rate may be fixed or variable and is determined by you. |
For additional information or help in
completing a USDA Application Please Contact:
Donna Warshaw
RCAP Solutions Financial Services
978-630-6635
dwarshaw@rcapsolutions.org
You may also call Lyndon Nichols at the USDA directly at
978-829-4477 X125
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Revolving Loan Fund for Communities* |
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The RCAP Revolving Loan Fund (RLF) provides short-term financing
to eligible applicants for pre-development costs associated
with new water and wastewater projects. RLF financing can
also be used for short-term costs incurred for replacement
equipment, small-scale extension of services, or other small
capital projects for existing water or wastewater systems,
costs that are not a part of regular operations and maintenance.
We also will loan short term money to fund small capital improvement
projects.
Priority will be given to RLF requests that seek to:
| • Alleviate emergency situations
• Correct inadequacies in water supply or wastewater
treatment facilities
• Alleviate deficiencies resulting in non-compliance
with federal or state regulations
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To be eligible to receive RLF loans, projects must serve
areas not located within the boundaries of a municipality
with a population of 10,000 or more people. Eligible applicants
may include:
| • Public bodies such as counties,
towns, districts and authorities
• Utilities operated by not-for-profit entities
such as water associations and cooperatives
• Investor-owned utilities servicing low income
communities
• Native American tribes
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RCAP Solutions offers other pre-development loans, with varying
interest rates and loan terms in the three to five-year range.
Please contact us for more information.
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Home Repair Loan Fund for Individual Homeowners* |
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This loan program provides funds to qualified lower-income
homeowners who are otherwise unable to obtain conventional
financing, so that they can make essential, non-cosmetic repairs
to homes in which they live. Funds must be used to repair
conditions that jeopardize the health and safety of the occupants.
Loans are made for a minimum of $1,000 up to a maximum of
$30,000.
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Home Modification Loan Program for Disabled Persons and Their Families* |
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(RCAP
Solutions administers this program for Central Massachusetts
residents only.)
This program provides financing to physically disabled individuals
and their families, and borrowers must reside in the home
being modified. Funds are provided to:
| • Make access and egress improvements
• Make structural improvements affecting the safety
of individuals and caregivers
• Enable individuals to remain independent
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Funding is provided through a state-funded loan program of
the Massachusetts Rehabilitation Commission in collaboration
with the Community Economic Development Assistance Corporation.
RCAP Solutions is the direct administrator of this program
for Worcester County in central Massachusetts. You may obtain
more information on this program by clicking
here or by calling RCAP Solutions at the number below.
For information about the Revolving Loan Fund,
please call Donna Warshaw at 1-800-488-1969 x6635.
For information about the Home Repair and
the Home Modification loans, please call
Linda Dellasanta at 1-800-488-1969 x6725.
Through our subsidiary RCAP Solutions Financial Services, RCAP
Solutions offers loans to qualified individuals, non-profit
organizations and communities. Click here to see our
offerings. The Opportunity Finance Network is a key partner expanding
our capacities to provide financial services by helping keep
us informed and reaching out to markets in need of our
assistance.
*Please Note: The information about our
loan programs should not be construed as an offer or a promise
of loan financing, or as a statement that funds will be available
when you apply. The funds are subject to availability from
state and federal government agencies. Restrictions other
than those listed may apply. All loans are subject to eligibility
guidelines, an application process, an underwriting process
and loan approval; and must comply with the terms and conditions
described in program information, which is available by contacting
the RCAP Solutions staff members identified above
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