We launched new programs & partnerships, made organizational history and loaned at record levels to create deep social & economic impacts. Here are some snapshots from the year that was...

JANUARY: Received 1,000th impact investment
VCLF’s impact investors provide the capital we lend to help Vermonters transform their lives and communities. This is community capital: 81% of invested funds come from individuals & families, 76% are controlled by women, 91% of our investors reinvest when their VCLF investment matures, and 100% of our investors have been repaid on-time, with interest, as promised. VCLF investors make our work possible!

APRIL: Completed Justice Forward Fund’s $1 million pilot
Black, Indigenous and Vermonters of Color (BIPOC Vermonters) struggle to access the financial products and services they need to grow sustainable businesses and build wealth. Our new Justice Forward Fund makes VCLF capital available to BIPOC Vermonters at our most accessible and affordable rates & terms. The JFF’s $1 million pilot phase was completed successfully in April; right now, we’re preparing to relaunch the JFF as a permanent program at VCLF in early 2024.

MAY: Launched CTE Revolving Loan Fund
Access to affordable housing remains one of the most significant challenges for lower-income Vermonters. In May, we launched a collaboration with the Vermont Housing & Conservation Board to administer a new $15 million loan fund providing forgivable, 0% interest financing to Vermont’s Career Technical Education (CTE) centers as they build and rehabilitate affordable homes. An innovative solution to longstanding community needs, this new initiative is developing new pipelines of both skilled tradespeople and affordable housing throughout the state.

VCLF staff together outside our home office, damaged by July 2023 flooding

JULY: Flooded!
Like many Vermonters, our summer took an unexpected turn after July flooding devastated our brave, little state. VCLF’s downtown Montpelier offices were inundated, and everything was lost. The incredible Loan Fund team spent the ensuing days and weeks dragging our offices’ ruined contents out to the curb for disposal (that’s us in the picture to the left), moving files to temporary storage, and transitioning to fully remote work…

AUGUST: Surpassed $135 million in total lending
…but it sure didn’t slow us down! With almost $15 million in commitments and closed loans so far (vs. an initial goal of $7.5 million), 2023 will go down as our biggest lending year EVER by far! Since our inception, VCLF has loaned over $135 million to create or preserve jobs for 8,000 Vermonters, build or rehabilitate 4,800 affordable homes, provide quality early care to over 5,100 Vermont children & families, and support nonprofits and community facilities serving hundreds of thousands of Vermonters. Donors like you have made it all possible!

SEPTEMBER: Celebrated 35 years of Transforming the Way Money Works in Vermont
Though 2022 was technically VCLF’s 35th year, and 2023 was busy enough already, sometimes you just need to stop and celebrate! The VCLF community gathered on September 7th at (former borrower) Lake Champlain Community Sailing Center for a wonderful night of fellowship and festivities, honoring new Justice Forward Fund borrower Adolphe Lumumba/VT First Class Ride and longtime impact investors the Sisters of Mercy.

After a few months of working separately (and a LOT of work from our incredible administrative/facilities team!), we’re happy to report that the rehabilitation is complete and we’re back in the office together at 7 School Street.

We’re so grateful for the incredible VCLF community, and everyone who reached out to lift us up and help us work this year.

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