Contribution Supports VT Small Businesses with Financial Consulting & Training
The Vermont Community Loan Fund (VCLF) has been awarded a $5,000 contribution from Citizens Bank in support of VCLF’s Microlending Technical Assistance Program.
VCLF, a nonprofit, mission-driven lender, provides loans to small and emerging Vermont businesses that don’t qualify for financing from a traditional lender. VCLF provides borrowers low-interest loans augmented by financial consulting and business development skills training in areas including marketing, managing, budgeting and more.
“VCLF’s business development services are a critical component of our relationship with our borrowers,” said VCLF Executive Director Belongia. “We’re so grateful to Citizens Bank for this contribution because of the success this training has had and will continue to have, helping borrowers build their operations, jobs, and Vermont’s economy,” he added.
“VCLF’s microlending program has been highly effective at bringing jobs and financial vitality to Vermont communities throughout the state,” said Joe Carelli, President, Citizens Bank, Vermont. “We’re proud to award VCLF’s program yet again to continue these efforts to help Vermont’s small business owners thrive and to strengthen Vermont.”
Between 2014 and 2016, VCLF’s microlending program closed 42 microloans totaling $965,000, creating or preserving jobs for 262 Vermonters. During that period 17% of microloan borrowers operated businesses in town centers, and 57% had women in positions of senior management or business ownership.
Citizens Bank made the contribution as part of its Citizens Helping Citizens Strengthen Communities initiative, a bank program designed to contribute to the economic vitality of the communities it serves.
About VCLF
Since 1987, VCLF has loaned over $90 million to local businesses, affordable housing developers and community-based organizations that has created or preserved 5,200 jobs; built or rehabilitated 4,000 affordable homes; created or preserved quality care for over 3,700 children and their families; and supported community organizations providing vital services to hundreds of thousands of Vermonters.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $149.5 billion in assets as of December 31, 2016. Headquartered inProvidence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides wealth management, mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania as Citizens Bank, Citizens Commercial Banking and Citizens One. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.