The Vermont Community Loan Fund (VCLF) has been awarded a $5,000 grant by Granite State Economic Development Corporation (GSDC). The Vermont Community Loan Fund is a nonprofit, mission-driven alternative lender dedicated to creating healthy communities and financial stability for all Vermonters. VCLF’s lending creates opportunities for low-income, low-wealth Vermonters, creating and preserving quality jobs for the small businesses that are the foundation of the state’s economy.
Granite State Economic Development Corporation is a nonprofit lender authorized to package and service Small Business Administration (SBA) loans utilizing the 504 lending program.They are the most active Certified Development Company (CDC) in New England and provide financing in the states of Maine, Massachusetts, New Hampshire and Vermont. Granite State Development is one of the largest CDCs nationwide, generally ranking in the topsix for volume and dollar, and has been recognized as the most active 504 lender in New England for at least five years.
The award was presented to VCLF Executive Director Will Belongia to support the Loan Fund’s Business Loan Program, which provides flexible loan capital and business skills training and technical assistance to Vermont’s small businesses and entrepreneurs.
“Granite State Development Corporation is dedicated to strengthening New England’s economy and to improving the quality of life for working Vermonters, as is the Loan Fund,” said VCLF Executive Director Will Belongia. “Thus, we’re honored to accept this award to continue this work that is central to both our organizations,” he added.
“We are delighted to support such an important program for Vermonters.” Said GSDC Vice President Ethan Swain. “VCLF’s mission-driven business loan program touches so many Vermonters on a personal level and supports job growth in some of the most important industries in Vermont. I am grateful for all their hard work and the positive impact they have on our local communities.”
The mission of the Vermont Community Loan Fund is to create opportunities that lead to healthy communities and financial stability for all Vermonters.
Since its inception VCLF has lent over $85 million to small businesses, affordable housing developers and community-based organizations that has created or preserved over 4,100 jobs; built or rehabilitated more than 3,500 affordable homes for Vermont’s families, individuals and seniors; created or preserved quality care for over 3,100 children and their families and supported community organizations providing vital services to hundreds of thousands of Vermonters.
Source: VCLF 4.23.2015