Vermont Community Loan Fund lends $2.14 million

VCLF lends $2,140,200 in Q4 2013, promoting job creation, emergency affordable housing, and quality child care
The Vermont Community Loan Fund (VCLF) loaned’$2,140,200 to Vermont’s small businesses, child care programs, community facilities and affordable housing developers in the fourth quarter of 2013, ‘promoting’ job creation, quality child care programs, and development of emergency shelters and affordable homes.’
‘VCLF is proud to work with Vermont’s innovative entrepreneurs, child care and social services programs, and developers of affordable housing who are creating amazing new solutions and opportunities throughout our state’ said VCLF Executive Director Will Belongia. ‘VCLF is proud to help finance these projects that are increasing opportunity, financial stability, and economic justice throughout Vermont,’ he added.
Tina Conn and Van Nhum Tran, Essex Junction
When Tina Conn and her fiancé, Van Nhum Tran, wanted to purchase the property in which Conn’s business, Crystal Nail Salon, has been located for more than ten years, they came to VCLF to help with financing. The loan resulted in the preservation of two full-time jobs. Additionally, other businesses located in the building provide rental income for the couple.
Harbor Place, Shelburne
With Chittenden County’s homeless shelters having to turn away more and more Vermonters in need of emergency housing, Champlain Housing Trust, which creates and preserves perpetually affordable housing in northwest Vermont, arrived at a groundbreaking solution. With VCLF financing, they purchased a former motel, which now provides 60 short-term, transitional homes. ‘‘champlainhousingtrust.org
Hollister Hill Bed & Breakfast, Marshfield
Bob and Lee Light bought Hollister Hill Farm in 1983, where they milked cows there for 15 years, before converting their home to B&B. The farm raises beefalo, pigs, chickens and turkeys, supplying their farm store as well as providing an agri-touristic experience for guests. When their indispensible tractor needed a new transmission, they came to VCLF to fund its repair, resulting in the preservation of one full and one part-time job.’ www.hollisterhillfarm.com
Housing Trust of Rutland County, Watkins School, Rutland
Rutland’s Watkins School served as an elementary school from its construction in 1895 through the 1970s. ‘In 2013, the Housing Trust of Rutland County, a non-profit developer of affordable housing, purchased the historically-significant property with funding from VCLF, to adapt for residential use. ‘The renovation will create 15 perpetually affordable 1-bedroom apartments for seniors, as well as 17 construction jobs. www.housingrutland.org’
J & M Fields, Forests and Firewood, Dorset
John White became ill three years ago. Self-employed and without health insurance, he had no choice but to sell his log skidder to cover medical costs. Today, with help from VCLF, he has purchased a new one, and is back at work in the woods.’
Mike’s Hobbies and Raceway, Rutland
Mike’s Hobbies & Raceway, a fixture in Rutland for 30 years, had been financing their inventory of model railroads, boats, cars, planes and rockets, collectible coins and stamps and other specialty hobby items, via high-cost credit cards. VCLF provided owner Lee Vaillancourt with a less expensive option by refinancing the existing debt and providing a loan for inventory, preserving one full-time and one part-time job. www.mikeshobbies.com
Packard Lofts, Burlington
Hartland Group Community Developers approached VCLF to help fund their Packard Lofts project, creating 25 affordable homes for rental in downtown Burlington. The loan also led to the creation of 28 construction jobs. hartlandgroup.biz
Turtles ‘n Tots, Johnson
Turtles ‘n Tots, the only licensed child care center in Johnson, has been a VCLF borrower since their opening in 2012. This year, owner Michelle Tallman came back to VCLF for another loan to help cover costs associated with expanding her program from 35 children/families served to 50.’ She’ll also employ two more Vermonters, for a total of 10.
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 $80 million to small businesses, affordable housing developers and community-based organizations that has created or preserved over 3,600 jobs; built or rehabilitated more than 3,200 affordable homes for Vermont’s families, individuals and seniors;’ created or preserved quality care for over 2,800 children and their families and supported community organizations providing vital services to hundreds of thousands of Vermonters.
VCLF 1.8.2014
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