Our History
In 1986, Vermont was in crisis
THE PROBLEM
"There was a recognition that many people couldn't afford the homes that they lived in, and that it was getting worse. It was the mid-1980s, so federal housing programs were being slashed. There was this feeling: if we want to get anything done, we're going to have to do it ourselves."
Jim Libby, former general counsel, Vermont Housing and Conservation Board, founding VCLF director
THE IDEA
A small group of central Vermonters imagined a different approach: lending local money, locally. Money invested could be loaned to community projects, repaid, then loaned out again — not a one-time grant, but capital that keeps working.
“The return on their investment isn’t just financial. It’s community.”
Larry Miles, founding VCLF director
EARLY PROOF
1987: Vermonters invest $309,000 in the Loan Fund's first year.
1987: First loan: $5,075 to Brattleboro Area Community Land Trust for an affordable housing deposit. Repaid, then relent to Central Vermont Community Land Trust in Montpelier.
1990: $1 million+ lent, supporting 26 affordable housing projects statewide.
WHERE WE ARE NOW
Our lending has grown to include community facilities, nonprofits, child care programs, and local businesses of every size — backed by business development and financial counseling that help borrowers succeed.
We believed that, given the choice, Vermonters would want to do more with their money. And we were right.
Nearly four decades later, our purpose hasn't changed. We're at work in the community, for the community, and supported by the community.