December 4, 2013

Montpelier
The Vermont Community Loan Fund, a 501(c)3 nonprofit, mission-driven lender, was today awarded Vermont Micro-Lender of the Year by the Small Business Administration (SBA) Vermont District Office. Seth Goodall SBA Region 1 Administrator and Darcy Carter, SBA Vermont District Director presented the award to VCLF Executive Director Will Belongia at a gathering at Montpelier’s Capital Plaza Hotel.

Since 2010, when VCLF began its collaboration with SBA, the Loan Fund has loaned a total of $986,959.94 in SBA funds to 42 small businesses and child care programs in the state. These loans have led to the creation of 67 new Vermont jobs, and the preservation of 96 existing jobs. In 2013, VCLF issued 18 SBA micro-loans totaling almost $450,000.

The SBA Microloan Program disburses loans of up to $50,000 to support the start-up and expansion of small businesses and nonprofit child care programs, often to organizations unable to secure loans from traditional lenders.

The U.S. Small Business Administration provides funds to Community Development Financial Institutions (CDFI) such as the Vermont Community Loan Fund, and other community-based organizations with experience in lending, management and technical assistance. These intermediaries administer the Microloan Program for eligible borrowers.

Accepting the award, VCLF Executive Director Will Belongia said “The loan capital from SBA’s Microloan Program has provided critical working capital and equipment financing, reaching many of Vermont’s very small businesses, and ultimately making significant social and financial impact among underserved Vermonters, and bolstering the state’s economy as well.”

Along with its microloan funding, VCLF provides borrowers with business skills training and consulting across a variety of disciplines. “The technical assistance VCLF offers alongside our SBA microloans ensures borrowers have the tools they need to succeed, whether they’re starting up a new business or expanding an existing one” said Belongia.

December 4, 2013

Montpelier
The Vermont Community Loan Fund, a 501(c)3 nonprofit, mission-driven lender, was today awarded Vermont Micro-Lender of the Year by the Small Business Administration (SBA) Vermont District Office. Seth Goodall SBA Region 1 Administrator and Darcy Carter, SBA Vermont District Director presented the award to VCLF Executive Director Will Belongia at a gathering at Montpelier’s Capital Plaza Hotel.

Since 2010, when VCLF began its collaboration with SBA, the Loan Fund has loaned a total of $986,959.94 in SBA funds to 42 small businesses and child care programs in the state. These loans have led to the creation of 67 new Vermont jobs, and the preservation of 96 existing jobs. In 2013, VCLF issued 18 SBA micro-loans totaling almost $450,000.

The SBA Microloan Program disburses loans of up to $50,000 to support the start-up and expansion of small businesses and nonprofit child care programs, often to organizations unable to secure loans from traditional lenders.

The U.S. Small Business Administration provides funds to Community Development Financial Institutions (CDFI) such as the Vermont Community Loan Fund, and other community-based organizations with experience in lending, management and technical assistance. These intermediaries administer the Microloan Program for eligible borrowers.

Accepting the award, VCLF Executive Director Will Belongia said “The loan capital from SBA’s Microloan Program has provided critical working capital and equipment financing, reaching many of Vermont’s very small businesses, and ultimately making significant social and financial impact among underserved Vermonters, and bolstering the state’s economy as well.”

Along with its microloan funding, VCLF provides borrowers with business skills training and consulting across a variety of disciplines. “The technical assistance VCLF offers alongside our SBA microloans ensures borrowers have the tools they need to succeed, whether they’re starting up a new business or expanding an existing one” said Belongia.

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