The Vermont Community Loan Fund believes that we make our communities stronger when we work to preserve and enhance the vital community-based organizations that make life in Vermont so special.
We make loans to community-based organizations and facilities that seek to provide essential services and opportunities to Vermonters. Past borrowers have included recreational centers, rural health centers, youth/family organizations, elder care facilities, arts organizations, preservation organizations and historical societies. Whenever possible, we partner with traditional lenders, philanthropic organizations and other community resources to make the deal happen.
Basic Eligibility
VT-based nonprofit organizations, for-profit organizations and individuals who:
- Provide vital community services
- Benefit Vermonters earning less than 80% of the median income
- Are unable to obtain credit at reasonable rates and terms
Acceptable Uses
- Real estate acquisition
- Construction
- Rehabilitation
- Bridge financing
- Equipment purchase
Rates and Terms
- The average current rate is 6%. However, rates do vary according to project need and strength of proposal.
- Terms range from a few months up to 5 years, with extensions generally permitted for another 3 to 5 years. Amortization may be scheduled for up to 25 years.
- There is an application fee of 0.5% of the total loan amount or $350, whichever is greater. There is an origination fee of 1.5% of the total loan amount due at closing; the application fee is credited towards this closing fee.
Collateral
Collateral is required on financed assets. Additional collateral may also be required.
Maximum Loan Amount
The current maximum loan amount will not exceed $1 million.
How to Apply
We encourage you to speak to a loan officer before submitting a loan application.
Please contact Barbara Petrie, Loan Coordinator for Housing and Community Facilities Programs, at (802) 223-4425, or by email for more information.
You may download application forms here:
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