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RCAP Safe Water Fund
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Program
web site |
http://glrcap.org/ohio/index.php?page_name=Safe%20
Water%20Fund
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| Deadlines |
Applications accepted on an ongoing basis |
| Purpose |
The fund was created in 2000 for the development and rehabilitation of water, wastewater, and storm water infrastructure projects to simulate and sustain community development and increase access to capital for low-income rural areas.
The intent of the fund is to provide gap financing after other available sources are researched and/or obtained or to finance projects that require a smaller amount of capital.
Since it’s inception, over $1.25 million in loans have been made to borrowers including villages, counties, water associations,
and mobile home parks to meet a variety of rural infrastructure
needs. Uses of loans have included water line installation, replacement of
a water tank, security fencing, sewer package treatment plant, pump stations, fire hydrants, and a septic system. |
| Eligibility |
Criteria
• Statewide (Ohio) availability
• Public Organizations, Public & Private
Non-profits, and Private for profits are eligible
• Service area population must be 25,000
or less
• Uses include: design, planning, equipment,
construction, and working capital
• Collateral is required and is determined
on a case by case basis
• No prepayment penalties
• Planning/Design loans—4% for up to 5
years
• Construction/Equipment loans—4% for up
to 10 years
• 1% origination fee |
Geographic
coverage |
Ohio |
Amount of
funding |
Generally, the maximum amount available is $250,000 for construction projects and $100,000 for planning and design projects (based on availability). |
Application
process |
Please contact Kristin Woodall, e-mail, klwoodall@wsos.org, or Angie McConnell, to obtain an application. Phone: (800) 775-9767 or (419) 332-2029.
WSOS’s RCAP Field Agents are available to
assist in accessing and completing an application
as well as other requirements that may
be needed. To obtain assistance contact
Kristin Woodall for the nearest provider. Once
an application is received by WSOS it is reviewed
by the loan officer for completeness
and eligibility. A Loan
Review Board meeting
is scheduled
(normally within 2
weeks) and the
Board then makes a
decision. If the loan
is approved a letter
of acceptance is
sent to the applicant for approval and signature.
When the letter is received by WSOS the
closing documents are prepared and approved.
The loan closing is then scheduled.
The entire process from the time that WSOS
receives a completed application normally
takes 6–8 weeks. |
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For more information contact:
Kristin Woodall, e-mail, klwoodall@wsos.org, or Angie McConnell.
Phone: (800) 775-9767 or (419) 332-2029. Summaries of funding programs are provided by RAC for your convenience. Please contact the funder directly for the most complete and current information. |
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