The Vermont Community Loan Fund (VCLF) loaned $1,127,200 in the 4th quarter of 2014 to Vermont's small businesses, community facilities, affordable housing developments and child care programs, helping bolster Vermont’s economy and leading to the creation and preservation of jobs, high-quality early care & education, affordable homes and essential services for hundreds of Vermonters.
“We’re proud to have concluded 2014 with another strong lending quarter, and prouder still for the important social impacts these loans have had throughout the state,” said VCLF Executive Director Will Belongia.
Projects financed include:
Bristol Family Center, Bristol
A full-day, full-year child care program, BFC used a VCLF loan to finance renovations to their kitchen and offices, new playground fencing, classroom furniture and other supplies. The loan preserves 51 child care slots and 12 jobs. www.bristolfamilycenter.org
Catamount
Catamount Glassware, Bennington (2 loans)
Catamount Glassware manufactures their own line of high-quality cookware and barware, in addition to custom screening and engraving glass products for other clients. Now, they’re launching a retail store and taproom, where customers can purchase Vermont craft beers in Catamount glass growlers. VCLF will help finance the expansion. The loan preserves 22 jobs. www.catamountglass.com
Grand Isle HLP, Grand Isle
Grand Isle Housing works with Housing Vermont and the Champlain Housing Trust to provide permanently affordable housing for families in Grand Isle. They came to VCLF to refinance outstanding loans, improving their cash flow, preserve 16 affordable homes and free up capital to do more of their important work.
High Mowing Seeds, Wolcott
The U.S.’s premier purveyor of organic and heirloom seeds, High Mowing Seeds has grown significantly since first borrowing from VCLF more than a decade ago. Late last year, they approached VCLF for help financing their expansion into Whole Foods Markets and other retail outlets in the Pacific Northwest. The loan will help preserve 51 jobs. www.highmowingseeds.com
Liquid Glass, Lyndonville (2 Loans)
Liquid Glass, designers and manufacturers of glass body jewelry, used VCLF financing make necessary upgrades and improvements to the building they occupy. The loans helps preserve five full-time jobs. www.liquid-glass.com
Miss Martha’s Creative Learning, Vernon
Miss Martha’s, used a VCLF loan to renovate the facility’s bathroom. The loan resulted in the preservation of all six child care slots, and the retention of one full-time job.
Red Doors Children’s Center, Sutton
A full-day, full-year, program serving up to 20 children, Red Doors first came to VCLF three years ago for help renovating their facility. Red Doors requested a new loan in 2014 to finance continued improvements and new equipment, toys and supplies needed to upgrade their STARS program quality rating to four (out of five) stars. www.reddorschildrenscenter.com
Saint Johnsbury Automobile Company, St. Johnsbury
Late last year, VCLF took over management of a revolving loan fund previously housed at the now-defunct Economic Development Fund of Northern VT. This EDFNV loan helped St. Jay Auto renovate and expand their facility and has resulted in the retention of 28 Northeast Kingdom jobs and the creation of 49 new ones. www.stjauto.com
Seymour Lake Market, Morgan
This general store in Morgan serves the local community with groceries and sundries. This loan, formerly of the EDFNV, provided financing for facility improvements and start-up costs, dating back to the store’s opening. The loan resulted in the preservation of one full-time job.
Vermont Bean Crafters, Waitsfield (2 loans)
VBC came to the Loan Fund via the Carrot Project, which links small New England agricultural enterprises with financing. VBC makes a variety of bean-based products sold at both retail and wholesale. They also work with Vermont and New York farmers to buy and sell wholesale beans, and provide catering services. They used one of two VCLF loans to purchase beans and other ingredients; a second loan was used for purchase of additional culinary equipment. The loans helped create one new job and preserve five jobs. www.vermontbeancrafters.com
Wheelock Village Store, Wheelock
This general store serves the local community with groceries, gasoline, grain and more. Their loan, which was used to purchase inventory, was acquired by VCLF in 2014 from the now-defunct Economic Development Fund of Northern VT, preserving two full-time jobs.
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 $85 million to small businesses, affordable housing developers and community-based organizations that has created or preserved over 4,500 jobs; built or rehabilitated more than 3,600 affordable homes for Vermont’s families, individuals and seniors;created or preserved quality care for over 3,400 children and their families and supported community organizations providing vital services to hundreds of thousands of Vermonters.