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Loan program available for household wells
ROANOKE - Southeast Rural Community Assistance Project, Inc. has created a new Individual Household Well Loan Program. This program is designed to assist low to moderate income individuals needing loans to construct, refurbish and service their household well.
This entire process usually takes about two to three weeks. Should you know of anyone who can benefit from this program, refer them to Clyde Tables, loan fund training and development coordinator, at (540) 345-1184, extension 24, Garland Gravely, AmeriCorps VISTA member, extension 35 or Sharon Thomas, loan fund coordinator, extension 22.
The following are guidelines for the program:
¦ The maximum loan amount is $8,000.
¦ Interest rate of 1 percent.
¦ Term is up to 10 years.
¦ Applicant must own and occupy the home.
¦ The well may not be associated with the construction of a new home.
Application process:
¦ Applicant submits application.
¦ Applications are usually processed within 10 business days.
Approved applications:
¦ Loan closing documents are mailed to applicant.
¦ Applicants have two weeks to return signed forms.
¦ A lien is placed on the applicant's property.
¦ The contractor is notified to proceed with work.
¦ The contractor is paid.
Denied applications:
¦ Denial letter is mailed to applicant.
¦ Technical assistance is offered to applicant.
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