People’s United Bank recently invested $300,000 in the Vermont Community Loan Fund (VCLF) to support the nonprofit, mission-driven, lending organization’s work helping people access affordable homes, quality jobs, child care, vital services and to achieve economic independence.
‘People's United Bank is pleased to support the critical work of VCLF on behalf of Vermonters, particularly in underserved communities. We understand the value of community and economic development initiatives, and are proud of our long record of supporting our communities and community organizations such as VCLF. We look forward to finding new ways to expand our relationship, and enhance the ability of this Community Development Financial Institution (CDFI) to meet credit and affordable housing needs,’ said Art Casavant, Vice President and CRA Officer, Peoples United Bank.
VCLF uses donations and investments to loan to Vermont’s small businesses, developers of affordable housing, community facilities, nonprofits, and child care programs, with a mission to improve the lives of underserved families and strengthen communities across Vermont.
The Loan Fund also provides specialized education and training to its borrowers, to broaden and deepen their business skills, and ensure the best chance for their success. Donations and grants build the Loan Fund’s supply of ‘permanent capital’‘ money the nonprofit lends many times over for essential community projects.
‘The Loan Fund is so grateful to People’s United Bank for its investment, which is a great endorsement of our work to help transform the lives of underserved Vermonters, to help them move forward toward self-sufficiency, and to bolster our state’s communities and economy,’ said Will Belongia, Executive Director, VCLF. ‘People’s United has shown an extraordinary commitment to nonprofit and philanthropic endeavors, and we’re honored that they have partnered with us again,’ he added.
About People’s United Bank
People's United Bank is a subsidiary of People's United Financial, Inc., a diversified financial services company with $31billion in assets. People’s United Bank, founded in 1842, is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of 418 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.
About the Vermont Community Loan Fund
The Vermont Community Loan Fund’s mission is to transform Vermonters' lives by providing loans, grants and technical assistance for affordable housing, small businesses, child care providers and other community facilities benefiting lower-income Vermonters. Since its inception, the organization has loaned more than $75 million to Vermont’s cities, towns and villages; created or preserved over 3,500 jobs; built or rehabilitated more than 3,200 affordable homes for Vermont’s families, individuals and seniors; created or preserved quality care for over 2,600 children and their families and supported community organizations providing vital services to hundreds of thousands of Vermonters.
People’s United Bank invests in opportunity
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