The Vermont Community Loan Fund (VCLF) has announced the launch of the Food, Farms & Forests Fund, a new capital resource dedicated to investing in Vermont's healthy foods, sustainable agriculture and natural resources enterprises. A kick-off celebration is scheduled for the evening of May 20th at Shelburne Farms. A short program will outline the goals and opportunities the new Fund presents in Vermont’s food and farm financing landscape. The launch celebration will also showcase the work being done by current VCLF borrowers in this area, and feature foods produced by VCLF borrowers.
“The new Food, Farms & Forests Fund is an important extension of the work the Loan Fund has been doing for twenty years, providing flexible financing and financial services to Vermont’s family farms, food and working landscape businesses,” said VCLF Executive Director Will Belongia.
Through the new fund, eligible borrowers will be able to access loan capital at low rates, thanks to VCLF investors who choose a lower rate of return on their investment. “On the flip side, philanthropists, foundations and other institutions will be able to dedicate their VCLF investments and grants directly into these specific Vermont sectors,” Belongia added.
The Food, Farms & Forests Fund has been developed and launched with generous grant support from Jane’s Trust. VCLF will also announce the first investor to “seed” the Fund at the kick-off event on May 20th.
Access to flexible growth capital like VCLF’s has been identified as a critical need for Vermont's food, farms and natural resources entrepreneurs by the Vermont Farm-to-Plate Strategic Plan and the Working Lands Enterprise Board.
The Loan Fund plans to provide $1 million in financing in the first year of the Fund’s operations, resulting in over 100 Vermont jobs, The Loan Fund's five-year strategic goal for the Fund is to lend $5 million, leading to approximately 520 Vermont jobs created or preserved.
"Vermont's local food systems and natural resources industries are central to our state’s health and economy,” said Belongia. “Now more than ever, Vermont needs the Food, Farms and Forests Fund.”
The Vermont Community Loan Fund (VCLF) is a mission-driven, community-focused alternative lender. Our mission is to create opportunities that lead to healthy communities and financial stability for all Vermonters. We develop and promote capital-based approaches to issues of poverty and opportunity.
VCLF has lent over $85 million to local businesses, affordable housing developers and community-based organizations that has created or preserved 4,500 jobs; built or rehabilitated 3,600 affordable homes; 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.