Vermont Community Foundation puts $500K into Bennington's Putnam Block

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Vermont Community Foundation puts $500K into Bennington's Putnam Block

Thu, 09/06/2018 - 5:14pm -- tim

Vermont Business Magazine As part of its renewed focus on place-based investments, the Vermont Community Foundation announces a major equity investment in the Putnam Project development in Bennington. The Foundation has reached terms with the Bennington Redevelopment Group to purchase $500,000 in preferred equity in the Putnam Project, a major revitalization program for downtown Bennington.

“We are thrilled to announce this major equity investment in the Putnam Project,” said Vermont Community Foundation President and CEO Dan Smith. “This is not an investment in a building, or even an investment in a project—it’s an investment in Bennington.”

“We have been working in the southwestern region of the state for years, but as part of our commitment to ending the opportunity gap in Vermont communities, we have recently redoubled our commitment to Bennington,” Smith continued. “In local gatherings and meetings with community leaders, we heard time and again about the importance of a revitalized downtown to Bennington’s success. The Putnam Project—backed by millions of dollars in grants and investments from supporters like the Foundation—is a perfect choice for a major equity investment.”

The Vermont Community Foundation has recently shifted its discretionary spending to emphasize projects that close the opportunity gap in Vermont through place-based grants and investments. The Foundation expects this commitment to the Putnam Project will result in a financial return, but the core goal of this investment is ensuring the success of a project that Bennington needs to ensure a thriving community for generations to come.

The Vermont Community Foundation inspires giving and brings people and resources together to make a difference in Vermont. A family of hundreds of funds and foundations, we provide the advice, investment vehicles, and back-office expertise that make it easy for the people who care about Vermont to find and fund the causes they love.

The heart of the Community Foundation’s work is closing the opportunity gap—the divide that leaves too many Vermonters struggling to get ahead, no matter how hard they work. We are aligning our time, energy, and discretionary resources on efforts that provide access to early care and learning, pathways to college and career training, support for youth and families, and community and economic vitality. We envision Vermont at its best—where everyone has the opportunity to build a bright, secure future.

Source: VCF 9.6.2018