VCLF lends $3.8 million in Q3 2013, building Vermont jobs, quality child care, affordable homes

The Vermont Community Loan Fund (VCLF) loaned’ $3,751,000 to Vermont’s small businesses, child care programs and affordable housing developers in the third quarter of 2013, ‘ helping create jobs, quality child care, and safe, affordable homes for Vermont’s families.’
‘Our lending is an essential catalyst for the Vermont economy,’ said VCLF Executive Director Will Belongia. ‘But perhaps even more importantly, these loans are providing opportunity and the chance for greater self-sufficiency to many of the most vulnerable Vermonters,’ he added.’
Abe’s Corner, Burlington
Abe’s Corner is part of the North Street Revitalization Plan in Burlington’s Old North End. The building under construction will include retail space and eight apartments, one of which is designated as an affordable rental residence through VCLF financing. The loan also resulted in the creation of eight construction jobs.’
Catamount Glassware, Bennington
After dedicating significant resources to the purchase of manufacturing equipment in 2013, Catamount Glassware, maker of glass cookware and custom screening printers of glassware, looked to VCLF to help finance inventory purchases for the coming year. The loan helped preserve 21 jobs and is expected to lead to the creation of two new positions. catamountbarware.com
Harbor Place, Shelburne
Chittenden County’s homeless shelters have been forced to turn away more and more Vermonters in need of emergency housing. Champlain Housing Trust, which creates and preserves perpetually affordable housing in northwest Vermont, has found a solution. With VCLF financing, they purchased a former motel, which now provides 60 short-term, transitional homes. ‘ ‘ champlainhousingtrust.org’
Hilltop Family Housing, St. Johnsbury
Serving the Northeast Kingdom with affordable housing and homeownership resources, RuralEdge came to VCLF to help finance the Hilltop Family Housing project, a group of four properties being rehabilitated and redeveloped into 24 rental residences, affordable in perpetuity. ruraledge.org’
Mother Hen’s Daycare, Orleans
When owner Shelly Riendeau wanted to make improvements to her home-based facility, she came to VCLF for financing. The renovations have allowed her to increase her children/families served from three to five.’
Outdoor Gear Exchange, Burlington
The city’s largest retailers of sports and outdoor equipment, OGE has continued thrive and grow since their first loan with VCLF in 2002.’ In 2011, OGE moved to a new space on the Church Street Marketplace, making them the largest independent retailer doing business there. VCLF recently increased their line of credit to support this continued growth, resulting in the preservation of 81 jobs. gearx.com’
Packard Lofts, Burlington
Hartland Group Community Developers approached VCLF to help fund their Packard Lofts project, creating 25 affordable homes for rental in downtown Burlington. The loan also led to the creation of 28 construction jobs. hartlandgroup.biz’
Robbins Mountain Enterprise, Bolton
Robbins Mountain is a family-run maple sugaring operation with a 489-acre sugar bush in the northern Green Mountains. Looking to expand and offer a unique agricultural tourism experience, they came to VCLF to finance a new sugarhouse and tree house accommodations within the sugar bush.’
W. Masonry, Westford
W. Masonry, a commercial stone masonry company, came to VCLF in 2013 for help bridging payroll costs while working on large projects concurrently.’ Additional funding refinanced the company vehicle.’ W. Masonry provides competitive wage jobs for five Vermonters.’
Webiomass, Rutland
Webiomass, manufacturer and servicer of energy efficient pellet boilers, came to VCLF to finance a purchase order for a complete purchase of a large BTU boiler. The loan helped preserve one full-time job. webiomass.com ‘
William Austin Antiques, Chester
Since 1986, William Austin Antiques has sold country antiques, recently adding a seafood restaurant and ice cream parlor to increase revenues. Following Tropical Storm Irene, the business approached VCLF to help them get back on their feet. Five jobs have been retained, and one part-time job was created. wmaustin.com’
The Vermont Community Loan Fund’s mission is to create opportunities that lead to healthy communities and financial stability for all Vermonters.. Since our inception we’ve lent over $80 million to small businesses, affordable housing developers and community-based organizations that has created or preserved over 3,600 jobs; built or rehabilitated more than 3,200 affordable homes for Vermont’s families, individuals and seniors;’ created or preserved quality care for over 2,800 children and their families and supported community organizations providing vital services to hundreds of thousands of Vermonters.
VCLF 11.26.2013
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