Grant Will Help Loan Fund Spur Job Creation and Economic Growth Across Vermont
September 7, 2012
The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund has announced that the Vermont Community Loan Fund (VCLF) has been awarded a grant of $671,416 to support its mission-driven lending to Vermont’s small businesses, community facilities and affordable housing and child care programs. The Loan Fund is one of 210 organizations nationwide to be awarded in this competitive grants round, and one of only two awardees in Vermont.
Will Belongia, VCLF executive director, commented on the award announcement, saying “VCLF is honored to be among this year’s CDFI grantees. Not only is it a show of support for our twenty-five year track record of successful community and economic development, it’s a vote of confidence for the impacts the Loan Fund is making in the lives of lower-income Vermonters today. Support at this level from the U.S. Department of the Treasury enables us to keep moving forward, creating stronger, healthier communities with more opportunities than ever before.”
A mission-driven alternative lender since 1987, the Vermont Community Loan Fund has provided almost $75 million in financing to organizations and entrepreneurs that have created or preserved 4,000 jobs, 3,000 affordable homes and child care for 3,000 Vermont children and families. VCLF also manages a number of technical assistance and smalls grants programs serving lower-income Vermonters.
Through the CDFI Program’s Financial Assistance and Technical Assistance awards, the CDFI Fund invests in and builds the capacity of for-profit and non-profit community-based lending organizations known as Community Development Financial Institutions, or CDFIs. CDFIs serve rural and urban low-income people and communities that lack access to funding from traditional lending institutions.
Speaking at the awards announcement, Community Development Financial Institutions Fund (CDFI Fund) Director Donna J. Gambrell said “This year’s awardees will continue to provide vital financial services in low-income areas…bettering the lives of Americans nationwide.”