Tec Centro 2
SACA Development's Tec Centro division is focused on assisting underemployed and unemployed participants through bilingual education and skills training. The project, a new facility called 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. After adding a second facility, Tec Centro 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.
Project: Community facility
Borrower: Through Tec Centro, SACA Development operates seeks to increase household self-sufficiency and eliminate the cycle of poverty by empowering program participants through education and workforce development.
Loan Details: To expand its programs to respond to strong demand and community need, SACA Development sought $2,890,000 to convert an underutilized commercial property into Tec Centro 2. Partners worked in collaboration with locally based Community First Fund and LINKBANK to finance the project. Partners and Community First Fund each financed $500,000 of the costs through pari passu loan participations.