Vermont's business sector has been a significant beneficiary of the American Reinvestment and Recovery Act (ARRA), the legislation also known as the Stimulus Bill, thanks in large part to the Vermont Community Loan Fund. The Stimulus Bill authorized a total of $787 billion in 2009.
Since passage of the Stimulus Bill in early 2009, $2.75 million has been awarded to the Vermont Community Loan Fund for loan capital to finance new businesses and community organizations in Vermont.
Support to VCLF from the Stimulus Bill was granted through the U.S. Treasury's Community Development Financial Institutions (CDFI) Fund and the U.S. Small Business Administration's (SBA) Microloan Program.
"These grants were an important recognition of VCLF's goals and mission in Vermont", said Will Belongia, the Loan Fund's Executive Director. "The Stimulus Bill was passed specifically to turn around the economy by creating jobs and keeping people in their homes. That is exactly the work VCLF has been doing for 23 years," he added.
Belongia also noted that as these Vermont borrowers repay their loans, the funds will continued to be loaned out again and again to businesses. "This will multiply the impact of the funding, to and improve the wealth and well-being of hundreds of Vermonters."
Between September of 2009 and June of 2010, VCLF financed 13 businesses throughout Vermont. Loan purposes included providing working capital to High Mowing Seeds, leading to the retention of 23 jobs; purchase of the Terry Precision Bicycles business in Burlington, creating16 new jobs; and purchase of a new building at World of Discovery Child Care Center in Hartford that will create/retain 101 childcare slots.
The complete list of our ARRA-funded borrowers is as follows:
High Mowing Seeds in Wolcott
Terry Precision Bicycles in Burlington
Step By Step Children's Center in Lyndonville
Giggles Family Childcare and Preschool in South Burlington
Bradford Veneer & Panel Company in Bradford
Rutland County Parent Child Center in Rutland
World of Discovery Child Care Center in Hartford
Covered Bridge Therapeutic Center in St. Albans
Creative Minds Childcare in Newport
Maple Leaf Brewery in Wilmington
Jeff Locke Trucking in East Albany
Happy Hands – A school for Little People in Brattleboro
Jenny's Rockin' Daycare in Fairfield