Charles Schwab Bank and Rural Community Assistance Corporation Partner to Benefit Rural Nevada Communities.WEST SACRAMENTO, Calif. -- Charles Schwab Charles Schwab can refer to:
RCAC Research Center for Arts and Culture RCAC Royal Canadian (Air/Army) Cadets RCAC Residential Care Apartment Complex RCAC Royal Canadian Armoured Corps RCAC Royal Canadian Army Cadets ) to help rural Nevada communities increase affordable housing, build community facilities and improve environmental infrastructure systems. RCAC today announced that Charles Schwab Bank has made a $250,000 investment in the RCAC revolving loan fund A Revolving Loan Fund (RLF) is a source of money from which loans are made for small business development projects. A loan is made to one person or business at a time and, as repayments are made, funds become available for new loans to other businesses. . RCAC will use these funds for lending to improve Nevada's supply of affordable housing and community facilities, and for acquisition and construction of environmental infrastructure. "RCAC has a long history of lending in rural Nevada communities," said Michael Flanagan, RCAC loan fund director. "This new investment from Charles Schwab Bank will allow us to continue and to expand on that service." RCAC is entering its 16th year as a community development lender with more than $50 million in lending capital. The loan fund began in 1988 to help rural communities develop and rehabilitate re·ha·bil·i·tate v. 1. To restore to good health or useful life, as through therapy and education. 2. To restore to good condition, operation, or capacity. affordable housing, develop and improve water, wastewater and solid waste facilities, and to develop and manage other community facilities. RCAC also was certified as a Community Development Financial Institution in 1996. As of January 31, 2004, RCAC had closed 304 long- and short-term loans which totaled $122.3 million and leveraged $638.6 million for rural projects. These loans supported more than 6,700 water and wastewater hook-ups for rural citizens, more than 6,600 housing units and more than 530,000 square feet of community facility space. Forty-five of these loans were closed in fiscal year 2003. To date, RCAC has financed construction of 324 units of low-income and 114 units of very low-income housing, 12 self-help homes and 15,500 square feet of community space in Nevada. Julia Brown Julia Brown was an American madam and prostitute. In the 1830s, Brown entered a brothel owned by Adeline Miller, a well-known New York madam. She did not stay long, however; soon Brown was running brothels of her own on Chapel and Church streets. , Vice President and CRA See Community Reinvestment Act. Officer for Charles Schwab Bank, noted that the Bank is excited about it's involvement with RCAC. She added that this investment represents one of a number of efforts the Bank will be undertaking across the country in furtherance fur·ther·ance n. The act of furthering, advancing, or helping forward: "Pakistan does not aspire to any . . . role in furtherance of the strategies of other powers" Ismail Patel. of helping low and moderate-income communities to build capacity. About RCAC RCAC assists rural communities achieve their goals and visions through training, technical assistance and access to resources. Founded more than 24 years ago, RCAC provides a wide range of community development services for rural and Native American communities, agricultural workers and community-based organizations in 13 western states. Headquartered in West Sacramento, California West Sacramento is a city in Yolo County, California. It is contiguous with Sacramento, but is separated by the Sacramento River and is in a different county. It is one of the fastest growing cities in the county. , RCAC's more than 120 employees serve rural communities from 21 field locations. About Charles Schwab Bank Headquartered in Reno, Nevada, Charles Schwab Bank provides checking, savings, money market and CD accounts, home mortgages, and debit cards (ATMs). Deposits are FDIC-insured. Clients can access bank services at the banking office in Reno and by phone, mail or on-line at http://www.schwabbank.com. Charles Schwab Bank is a subsidiary of The Charles Schwab Corporation. Charles Schwab Bank, is an Equal Housing Lender The terms Equal Housing Lender and Equal Opportunity Lender are synonymous and refer to all FDIC insured banks in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial status. . |
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