$99,000 USDA grant helps Community Capital of Vermont offer grants to small businesses

Thanks to a $99,000 USDA Rural Business Enterprise Grant (RBEG), small businesses in eightcounties of Vermont will soon have access to technical assistance grants to start or grow theirbusiness. Community Capital of Vermont, a micro and small business lender in Vermont,received the grant to expand its Management Assistance Program (MAP), which is currentlyonly available to Community Capital borrowers. Now, any business that is eligible, qualified,and is located in Addison, Caledonia, Essex, Franklin, Grand Isle, Lamoille, Orange orWashington counties can apply for a MAP grant.
Starting September 14, 2009, individual businesses can apply to Community Capital for up to$2,500 and formal (or informal) groups or networks of businesses can apply for up to $5,000.The full amount of the grant will be used by Community Capital to purchase consulting serviceson behalf of grant awardees to advance their individual or shared business goals. Funds areavailable on a competitive basis until they are fully disbursed or by July 31, 2011 whichevercomes first.
Applying businesses or groups of business must complete an application process and meet thefollowing basic eligibility criteria:
• At least 51% US-owned• Less than $1 million in gross revenues• Fewer than 50 employees• Contribute at least 26% of the total project cost in the form of cash match from a nonfederalsource or in-kind contributions from the consultant.
There are no owner income or asset restrictions to be eligible. However, Community Capital will seek to target its funds to those businesses that not only provide strong documentation of opportunities for business growth and job creation/retention but also document limited financial ability to purchase consulting services on their own. To apply, visit CommunityCapitalVT.org to download an application and learn more. Or, contact Kara Edson, Loan Administrator, at 802-479-0167 ext 101 or [email protected].
Community Capital has also issued an open Request for Proposals (RFP) to build its existingpool of qualified consultants for MAP applicants to choose from. Community Capital seeks awide variety of consultants that represent different industries, sectors, and competencies.Interested parties should visit CommunityCapitalVT.org to download the RFP.
Community Capital is an equal opportunity provider and administered in partnership withCentral Vermont Community Action Council (CVCAC).