Loan at a Glance:
SACA wanted to expand its programs to respond to strong demand and community need by adding a second location. SACA needed $2,890,000 to convert an underutilized commercial property into Tec Centro 2 and expand its workforce development services. PCG worked in collaboration with locally based Community First Fund and LINKBANK to finance the project. PCG and Community First Fund each financed $500,000 of the costs through pari passu loan participations.
Project Summary:
The Tec Centro 1 facility is focused on assisting underemployed and unemployed participants through bilingual education and skills training. Opening Tec Centro 2 will enable the nonprofit to increase the number of students enrolled in diploma programs, increase literacy rates, improve skills training, raise graduation rates, and increase job placements. Tec Centro 2 has goals of increasing students enrolled in diploma programs from 50 to 125 per year, literacy improvement from 125 to 200 per year, and job placement from 75 to 175 per year.
Borrower Summary:
SACA Development Corporation operates a 16,000 square foot workforce development facility in Lancaster Pennsylvania called Tec Centro 1. Tec Centro seeks to increase household self-sufficiency and eliminate the cycle of poverty by empowering program participants through education and workforce development.