Dear VCLF community,

I hope this finds you all well. Our hearts are with those of you who are ill or are caring for family, friends and neighbors.

Just as it’s disrupted all our lives, COVID-19 has greatly disrupted VCLF’s operating environment. We’re seeing incredible, changing needs, and we’re working closely with our stakeholders to meet them.

The Vermont Community Loan Fund has led our community through difficult times before, and we’re doing it today. For over three decades, VCLF has been meeting the evolving, critically important financial needs of Vermont entrepreneurs and organizations. We’ve always been thoughtful, progressive, impactful and collaborative, and we’re all those things today. We're evolving to work harder, and better, to be a key piece of Vermont’s response to and recovery from COVID-19.

I'd like to provide some updates for you now, and give you all a sense of our path forward.

VCLF BORROWERS & COVID-19
Like all Vermonters, businesses and organizations, our borrowers are experiencing massive disruption because of COVID-19.

It's made for a pretty dynamic couple of months for us, as our lending teams have reached out to all borrowers to get a sense of their needs, both immediate and longer-term. Wherever it would help, we’ve restructured loans to give borrowers a little breathing room to focus on other more urgent personal and financial needs. We’re staying in close contact with everyone, helping to identify emerging needs and connecting our borrowers to additional resources to help them steady the ship. This has truly been an all-hands-on-deck moment for our lending and advisory teams; their deep commitment to our borrowers' well-being has been inspirational and impactful.

CLICK HERE or links to federal and state resources for VCLF borrowers, or contact us.

There are some INCREDIBLE stories of compassion and resilience, creativity and community coming from our borrowers today. VCLF borrowers are a remarkable crew on any given day, but today they’re evolving to work better, pausing to do good works, and doing their part to make sure no Vermonter faces COVID-19 alone. We’ll be sharing some of these stories in our next NoteWorthy newsletter; be on the lookout for that soon.

VCLF & COVID-19
Organizationally, the Loan Fund is in a very strong position. We benefit from experienced leadership, sound vision and strategies, and a stable balance sheet. We have deep financial reserves, a portfolio that’s been performing very well in recent months, and capital to fulfill any near-term commitments.

The VCLF team transitioned to remote work a few weeks ago. It took some getting used to, but we’re fully functional. Our lending teams are providing services to borrowers and underwriting new loans. Our Business Resource Center continues to provide essential free-to-the-borrower business advisory services, training & support, remotely. The Vermont Early Childhood Advocacy Alliance continues to monitor developments at Vermont's virtual State House, providing expertise and working for Vermont's children and families, as always.


As you might imagine, we’ve been taking a hard look at how VCLF can best deploy our impact investment capital in response to COVID-19, including the creation of an emergency response fund. As always, we’re most concerned that VCLF debt capital not become an additional burden to borrowers at a time when they can scarcely afford it. We also want to make sure we’re not needlessly duplicating other strategies already at work. We’re continuing to assess evolving community needs, collaborating with our economic development peers, and thinking about how and when our capital can do the most good. We'll keep you updated.

HOW YOU CAN HELP VCLF TODAY
INVEST: There's never been a better time to invest in Vermont with VCLF. The money we lend comes to us as impact investments from our community of individuals & families, foundations & other nonprofits, communities of faith, community & national banks, corporations, and local, state and federal governments. They want to do more with their money, and they are: investments in the Loan Fund's work have helped us lend over $110 million since 1987.

Our investment process is now paperless, so you can join the VCLF community from the safety of home. CLICK HERE to learn more about investing, and reach out to Director of Investment & Philanthropy Jake Ide to discuss anytime (jake@vclf.org, 802-223-4423).

GIVE: If you've never made a charitable contribution to VCLF, or it's been a while, please consider including us in your philanthropy today. Your gift covers the costs of our work with borrowers, underwriting new loans and providing invaluable, free-to-the-borrower business advisory services and assistance. Your gift today will be matched 1:1 by US Department of Treasury's CDFI Fund, essentially doubling your impact.

Additionally, the new federal CARES Act stimulus package allows deductions of up to $300 in charitable donations for donors who don't itemize, and additional tax benefits for those who do. Please contact Jake (jake@vclf.org, 802-223-4423) with any questions or ideas.

AND FINALLY: THANK YOU!!!
I’m so grateful for the VCLF community: borrower, impact investors, donors, partners and allies. Many of you have reached out in the past two months; your solidarity, comfort and ideas have meant so much to the VCLF team. Your vision for a stronger Vermont makes our work possible, today and always. If there’s anything I can do for you, any questions to be answered or ideas to be considered, PLEASE don’t hesitate to reach out to me (will@vclf.org, 802-223-4428).

YOU are an essential part of the VCLF community. Despite everything we’re all facing today, that community remains caring, progressive, thoughtful and strong. And like any strong community, we will persevere, together.

With gratitude and hope!
Will Belongia
Executive Director

Dear VCLF community,

I hope this finds you all well. Our hearts are with those of you who are ill or are caring for family, friends and neighbors.

Just as it’s disrupted all our lives, COVID-19 has greatly disrupted VCLF’s operating environment. We’re seeing incredible, changing needs, and we’re working closely with our stakeholders to meet them.

The Vermont Community Loan Fund has led our community through difficult times before, and we’re doing it today. For over three decades, VCLF has been meeting the evolving, critically important financial needs of Vermont entrepreneurs and organizations. We’ve always been thoughtful, progressive, impactful and collaborative, and we’re all those things today. We're evolving to work harder, and better, to be a key piece of Vermont’s response to and recovery from COVID-19.

I'd like to provide some updates for you now, and give you all a sense of our path forward.

VCLF BORROWERS & COVID-19
Like all Vermonters, businesses and organizations, our borrowers are experiencing massive disruption because of COVID-19.

It's made for a pretty dynamic couple of months for us, as our lending teams have reached out to all borrowers to get a sense of their needs, both immediate and longer-term. Wherever it would help, we’ve restructured loans to give borrowers a little breathing room to focus on other more urgent personal and financial needs. We’re staying in close contact with everyone, helping to identify emerging needs and connecting our borrowers to additional resources to help them steady the ship. This has truly been an all-hands-on-deck moment for our lending and advisory teams; their deep commitment to our borrowers' well-being has been inspirational and impactful.

CLICK HERE or links to federal and state resources for VCLF borrowers, or contact us.

There are some INCREDIBLE stories of compassion and resilience, creativity and community coming from our borrowers today. VCLF borrowers are a remarkable crew on any given day, but today they’re evolving to work better, pausing to do good works, and doing their part to make sure no Vermonter faces COVID-19 alone. We’ll be sharing some of these stories in our next NoteWorthy newsletter; be on the lookout for that soon.

VCLF & COVID-19
Organizationally, the Loan Fund is in a very strong position. We benefit from experienced leadership, sound vision and strategies, and a stable balance sheet. We have deep financial reserves, a portfolio that’s been performing very well in recent months, and capital to fulfill any near-term commitments.

The VCLF team transitioned to remote work a few weeks ago. It took some getting used to, but we’re fully functional. Our lending teams are providing services to borrowers and underwriting new loans. Our Business Resource Center continues to provide essential free-to-the-borrower business advisory services, training & support, remotely. The Vermont Early Childhood Advocacy Alliance continues to monitor developments at Vermont's virtual State House, providing expertise and working for Vermont's children and families, as always.


As you might imagine, we’ve been taking a hard look at how VCLF can best deploy our impact investment capital in response to COVID-19, including the creation of an emergency response fund. As always, we’re most concerned that VCLF debt capital not become an additional burden to borrowers at a time when they can scarcely afford it. We also want to make sure we’re not needlessly duplicating other strategies already at work. We’re continuing to assess evolving community needs, collaborating with our economic development peers, and thinking about how and when our capital can do the most good. We'll keep you updated.

HOW YOU CAN HELP VCLF TODAY
INVEST: There's never been a better time to invest in Vermont with VCLF. The money we lend comes to us as impact investments from our community of individuals & families, foundations & other nonprofits, communities of faith, community & national banks, corporations, and local, state and federal governments. They want to do more with their money, and they are: investments in the Loan Fund's work have helped us lend over $110 million since 1987.

Our investment process is now paperless, so you can join the VCLF community from the safety of home. CLICK HERE to learn more about investing, and reach out to Director of Investment & Philanthropy Jake Ide to discuss anytime (jake@vclf.org, 802-223-4423).

GIVE: If you've never made a charitable contribution to VCLF, or it's been a while, please consider including us in your philanthropy today. Your gift covers the costs of our work with borrowers, underwriting new loans and providing invaluable, free-to-the-borrower business advisory services and assistance. Your gift today will be matched 1:1 by US Department of Treasury's CDFI Fund, essentially doubling your impact.

Additionally, the new federal CARES Act stimulus package allows deductions of up to $300 in charitable donations for donors who don't itemize, and additional tax benefits for those who do. Please contact Jake (jake@vclf.org, 802-223-4423) with any questions or ideas.

AND FINALLY: THANK YOU!!!
I’m so grateful for the VCLF community: borrower, impact investors, donors, partners and allies. Many of you have reached out in the past two months; your solidarity, comfort and ideas have meant so much to the VCLF team. Your vision for a stronger Vermont makes our work possible, today and always. If there’s anything I can do for you, any questions to be answered or ideas to be considered, PLEASE don’t hesitate to reach out to me (will@vclf.org, 802-223-4428).

YOU are an essential part of the VCLF community. Despite everything we’re all facing today, that community remains caring, progressive, thoughtful and strong. And like any strong community, we will persevere, together.

With gratitude and hope!
Will Belongia
Executive Director

Back to News