(July 2017) The Vermont Community Loan Fund (VCLF), a nonprofit, mission-driven, alternative lender, has been awarded a $1 million financing package from USDA Rural Development’s Intermediary Relending Program (IRP). VCLF will use the IRP financing to provide low-interest loans to small and emerging Vermont businesses, stimulating job creation throughout the state.
For thirty years, the Loan Fund’s Business Loan Program has supported local businesses with access to flexible, affordable credit. To date, the Loan Fund counts more than 5,600 Vermont jobs created or preserved. Higher-profile borrowers have included Vermont Smoke & Cure, American Flatbread, and High Mowing Organic Seeds, all of whom first approached VCLF for loans during their early years.
“VCLF has deep knowledge and experience with Vermont’s industries, and a 30-year track record of lending to promising entrepreneurs who have gone on to become some of the biggest employers in Vermont,” said VCLF Executive Director Will Belongia. “This IRP award is a vote of confidence that we’ll continue to build Vermont’s jobs and economy with this financing. We’re honored to have been selected by USDA Rural Development for this award,” he added.
Read full release here.