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Resource Guide for Chittenden County Employers & Employees - Business Financing

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Cooperative Fund of New England
marketplace.

Description: The Cooperative Fund of New England is a community development financial institution serving New England and parts of New York. The fund provides loans to cooperatives, non-profit groups, worker-owned businesses and community based organizations for business and housing loans that promote community economic development and serve the low-income population. The money can be used to finance expansions, renovations or upgrades as well as to meet general working capital needs.
Address: PO Box 412
Hartford, CT 06141
Phone: (800) 818-7833, (910) 395-6008
Fax: (910) 397-2857
Contact Name: Rebecca Dunn, Executive Director
Economic Development Council of Northern Vermont, Inc.
Description: The Economic Development Council of Northern Vermont (EDCNV) is a not-for-profit development corporation providing financing opportunities for small businesses in eight counties of Caledonia, Chittenden, Essex, Franklin, Grand Isle, Lamoille, Orleans and Washington.  These are term loans that can be used to finance machinery, equipment and working capital (inventory, advertising, marketing, utilities).  Funding is not available to purchase real estate, do leasehold improvements, to pay prior debt or salaries.

Northern Vermont Lending Partners, a Small Business Administration (SBA) authorized, banks-supported revolving loan fund, is managed by EDCNV to provide short term, fixed rate loans of $35,000 or less to eligible small businesses.  All NVLP borrowers are eligible to receive technical assistance at no charge.  This assistance is available in the following areas:

  • business plan development
  • financial analysis
  • marketing
  • management
  • product development
  • advertising
  • distribution
  • operational planning
  • inventory management

This MicroLoan Program can be accessed by businesses:

  • located in the EDCNV operating area
  • employing fewer than 10 full time employees
  • having annual business receipts of less than $500,000
  • seeking funding of $35,000 or less
Address: 155 Lake Street
St. Albans, VT 05478
Phone: (802) 524-4546
Fax: (802) 527-1081
Contact Name: William Farr, Technical Asst. Specialist
Email: edcnv@sover.net
Vermont Experimental Program to Stimulate Competitive Research (EPSCoR)
Description: Vermont EPSCoR contributes to building an infrastructure which will improve the research competitiveness of Vermont scientists and engineers and bring National Science Foundation (NSF) resources to the service of the broader community.

EPSCoR connects Vermont's higher education community, the science and technology based private sector, and State government to couple high quality science and engineering in Vermont with the type of economic development that provides maximum benefit to the people of Vermont.

Small Business Innovation Research (SBIR)
Look for upcoming announcements of EPSCoR's Small Business Innovation Research (SBIR) Phase 0 program and other funding opportunities on the Web.

The Vermont EPSCoR SBIR Phase 0 program has generated impressive results for Vermont's science and technology entrepreneurs.  This program, which provides seed funds to make Vermont companies more competitive for federal research and development projects through the SBIR program, originating in Vermont and is now replicated in all the other EPSCoR states.

In 2001, 7 (78%) of the 9 SBIR Phase I (up to $100K/yr) and Phase II (up to 750K/yr) awards given to Vermont investigators went to companies which had received Phase 0 awards in previous years.  The Phase 0 program has resulted in over $8M in follow-up activity through October, 2001.

Grant Opportunities for Academic Liaison with Industry (GOALI)
The GOALI initiative funds a mix of industry-university linkages, particularly 1)  academic conducting research and gaining experience with production processes in industrial settings;  2)  industrial scientists and engineers bringing industry perspective and integrative skills to academe, and 3)  interdisciplinary university-industry teams conducting long-term projects.  GOALI targets high-risk/high-gain research, new approaches to solving generic problems, development of innovative industry-university educational programs, and knowledge transfer between academe and industry.

The GOALI program provides seed funding for faculty, post-doctoral fellows, and students to develop creative modes of collaborative interactions with industry through individual or small-group projects, and industry-based fellowships for graduate students and post-doctoral fellows.  A follow up proposal to the National Science Foundation GOALI program is required.

Address: 528 Cook Physical Science Bldg.
University of Vermont
Burlington, VT 05405
Phone: (802) 656-7969
Fax: (802) 656-2950
Contact Name: Dr. Christopher W. Allen
ICA Group Loan Fund
Description: The ICA Group is a national not-for-profit seeking to create and save jobs by providing capital and technical assistance to employee-owned and community-based companies around the country.
Address: One Harvard Street, Suite 200
Brookline, MA 02445
Phone: (617) 232-8765
Fax: (617) 232-9545
Contact Name: Grady B. Hedgespeth
The Partnership Fund
Description: The Partnership Fund is a loan program available to small businesses starting in, expanding in, or relocating to Colchester, Essex, and Winooski.  The borrower must be unable to meet some or all of his/her credit needs from commercial lending sources.  Loans available are between $1,000 and $25,000.  The program's goals include:
  • Promoting financing for projects which create and retain jobs;
  • Attreacting new businesses to the area, retaining, and assisting in the expansions of existing businesses;
  • Benefitting all people expecially low to moderate income households;
  • Providing funding needs that cannot be obtained solely from commercial lending sources.
Address: P.O. Box 444
Colchester, VT 05446

Phone: (802) 655-1418
Fax: (802) 655-1813
Email: ccdcsr@together.net
Contact Name: Doug Robertson
USDA, Rural Development 
Description: USDA, Rural Development business programs help fund projects that create or preserve quality jobs and promote a healthy rural environment.

Loan Guarantees
USDA provides loan guarantees to businesses typically seeking loans of $500,000 to $5 million dollars.  All Vermont businesses that are 51% owned by U.S. citizens are eligible to participate in the program.  A loan guarantee typically provides a business with a lower interest rate and longer loan term.  Interest rates can be fixed, variable or a combination.  USDA loan guarantees can be blended with other programs offered by other lenders such as:  Vermont Economic Development Authority, Small Business Administration and locally-based revolving loan funds.

Intermediary Relending Program (IRP)
The Intermediary Relending Program lends money to local and statewide non-profit and municipal revolving loan funds for the purpose of making small business loans.  With the exception of the City of Burlington, businesses located in all other Vermont communities that are at least 51% owned by U.S. citizens are eligible for loans in this program.  Please contact Rural Development for a current listing of organizations that provide IRP small business loans.

Rural Business Enterprise Grants
Grants can be made to cities, towns and local development organizations to provide technical assistance to small businesses or to create a revolving loan fund.  Businesses can not directly apply for grants.  All Vermont businesses are eligible for assistance in the program.  The program has financed feasibility studies, engineering studies, business planning assistance, marketing assistance and revolving loan funds for micro-business development.

Rural Business Opportunity Grants
Grants can pay for the costs of providing economic planning for rural communities, technical assistance for rural businesses, or training for rural entrepreneurs or economic development officials.  All Vermont communities are eligible to apply for assistance.  The program has financed regional economic planning studies, technical assistance for agricultural businesses and curriculum development for workforce training.

Value Added Development Grants
Grants can pay for feasibility studies or working capital to support the development of new value-added agricultural products.  Eligible applicants include independent producers, producer groups or cooperatives.  Grants are awarded annually and applications are typically solicited in June.

Address: 89 Main Street, 3rd Floor
Montpelier, VT 05602
Phone: (802) 828-6031
Fax: (802) 828-6093
Contact Name David Robinson
US Small Business Administration (SBA)
Description: SBA is federally administered and offers a variety of programs for small businesses.  The SBA office in Montpelier administers a number of financing programs that guarantee business loans made through local banks.  Loan programs can be combined in some cases.  Contact the SBA or see an SBA-preferred lender for details.

Programs include the 7(a) Guarantee Program, short-term financing, international trade financing, minority- and women-owned business loans, and the 504 Certified Development Company Program.

Address: 87 State Street
PO Box 605
Montpelier, VT 05601
Phone: (802) 828-4422 ext. 215
Fax: (802) 828-4485
Contact Name: Bernard Villemaire
Vermont Community Loan Fund
Description: The Vermont Community Loan Fund's Business Loan Programs provide capital to businesses that expand opportunities for low-income and other disadvantaged Vermonters.  Currently, VCLF provides technical assistance and financing through the loan programs described below.  VCLF's programs provide financing with flexible terms for businesses that cannot receive bank financing.

Business Lending Program
The Vermont Community Loan Fund has financed a wide variety of businesses.  Some examples of our loans include production agriculture, specialty foods, wood products, child care, and retail stores and restaurants in downtowns.  Our loans are aimed at those businesses providing benefits to low income Vermonters through livable wage jobs and revitalized communities.  Our objective is to save and create jobs through business development.

Child Care Loan Program
The Vermont Community Loan Fund has a loan program for private childcare providers in Vermont and has closed the first 21 loans.  The loans generally range from under $2,000 to $15,000 and typically carry below-market interest rates.  Loans are available, at sliding scale rates of interest, for providers who cannot obtain financing at reasonable rates and terms for:
1.  Improvements needed to meet Vermont' s Core Standard for Early Childhood Programs;
2.  Licensing requirements;
3.  Improvements to meet accessibility requirements of ADA;
4.  Renovations or additions to improve child care delivery;
5.  Purchase of equipment and materials to improve quality of service.

VDLF received operating support from the Child Care Fund of Vermont, the O.P. Edwards Foundation, and the Vermont Agency of Human Services to help launch this new initiative.  Child care grants are available on a need basis to help applicants with loan fees and to subsidize the loan interest rate.

Vermont Agritourism Loan Program
The Vermont Agritourism Program is a statewide program focused on supporting existing and new agricultural enterprises who want to invite visitors to their farm operation and, through fees and services, to add value to their farming businesses.  The program provides farmers with the skills, networks, markets and low interest loan support to be successful in adapting to this emerging opportunity.  The program has two major components:  technical assistance and a revolving loan fund.

Address: PO Box 827
15 State Street
Montpelier, VT 05601

Phone: (802) 223-1448
Fax: (802) 223-1455
Contact Name: Hope L. Campbell, Director of Business Programs
Vermont Department of Economic Development (VDED)
Description: The Vermont Department of Economic Development (VDED) is a department of the State of Vermont that works with businesses to support economic growth and the retention of jobs.  VDED is primarily a technical assistance and referral provider to Vermont businesses.

Areas in which VDED can assist Vermont businesses include:

  • exporting
  • government contracting
  • tax incentives for industries
  • international trade
  • technical assistance and permits
  • training and marketing
Address: Vermont Department of Economic Development
National Life Building, Drawer 20
Montpelier, VT 05620
Phone: (800) 341-2211 or (802) 828-5236
Fax: (802) 828-3258
Contact Name: Ken Horseman
Vermont Development Credit Union (VDCU)
Description: The Vermont Development Credit Union (VDCU) brings financial resources to Vermonters of low wealth and other traditionally underserved populations.  Headquartered in Burlington's Old North End, VDCU's services reach through out the state of Vermont.

Small Business Loan Program
VDCU offers a wide range of small business loan products, from small "microloans" of several hundred dollars to larger loans of $100,000 and more.  Loan proceeds can be used for inventory, working capital, equipment or vehicle purchase, start-up needs, or seasonal lines of credit.

The Tracker Loan Program
Some people have credit problems that prevent them from initially qualifying for a small business loan.  A VDCU lender can work with the member to develop an action plan to overcome his or her credit challenges.  VDCU can help members negotiate workouts and payment arrangements with creditors.  Once the member has demonstrated a commitment to addressing financial problems, VDCU can help them resolve delinquent credit accounts and establish or reestablish positive credit through a Tracker loan.

Address: 18 Pearl Street
Burlington, VT 05401
Phone: (802) 865-3404, ext 116
(802) 865-VCDU
Fax: (802) 862-8971
Contact Name: Dede Schlageter
Vermont Economic Development Authority (VEDA)
Description: The Vermont Economic Development Authority contributes to the creation and retention of quality jobs in Vermont by providing low-interest rate loans and other financial support to eligible and qualified Vermont industrial, commercial, and agricultural enterprises.

VEDA offers numerous programs to support its mission, including low-interest loans and loan guarantees, export finance assistance, and loans specifically tailored for farm enterprises.

Address: 58 East State Street, Suite 5
Montpelier, VT 05602
Phone: (802) 828-5627
Fax: (802) 828-5474
Email: info@veda.state.vt.us
Contact Name: Tom Porter
Vermont Economic Development Authority (VEDA) - Job Start
Description: The Job Start program provides funding to start, strengthen or expand small businesses in Vermont. Loans of up to $20,000 are available to purchase equipment/inventory or for working capital with payment terms of up to 5 years. Applicants must be Vermont residents, income-eligible, and unable to obtain credit through conventional sources.
Address: 58 East State Street, Suite 5
Montpelier, VT 05602
Address: 61 Elm Street
Montpelier, VT 05602
Fax: (802) 828-5474
Contact Names: Wayne Fawbush, (802) 828-5320

Ed Delhagen, (802) 828-0040

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Page last updated July 3, 2003

 

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