Julia Martinez of the California Rural Water Association summarized the Rural Water Financing Agency program, a pooled-financing vehicle that offers construction financing to public agencies serving small and rural populations.

Martinez said the program provides two tracks—an interim construction program and a fixed-term loan program—with access to funds in approximately 60 to 120 days. She cited estimated example interest rates (historical example: 4.2% for a 15-year term, 4.74% for a 30-year term) and described no borrower reserve requirement, capitalization of interest from loan proceeds, and the ability to refinance or provide interim funding prior to USDA takeout. Martinez noted there is no minimum loan size, a $30 million per-loan cap, and that the product is currently used by 19 rural water agencies nationally.