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Cooperative Fund of
New England |
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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 3413
Amherst, MA 01004-3413 |
| Phone: |
(800) 818-7833, (910) 395-6008 |
| Fax: |
(910) 397-2857 |
| Email: |
cfne@cooperativefund.org |
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Economic Development Council of Northern Vermont (EDCNV) |
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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 (NVLP), 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
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| Address: |
2 North Main Street, Suite 301
St. Albans, VT 05478 |
| Phone: |
(802) 524-4546 |
| Fax: |
(802) 527-1081 |
| Email: |
info@edcnv.org |
| Contact Name: |
William A. Farr, Technical Assistance
Specialist |
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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: |
82 Cook Physical Science Bldg.
University of Vermont
Burlington, VT 05405 |
| Phone: |
(802) 656-7969 |
| Fax: |
(802) 656-2950 |
| Email: |
epscor@uvm.edu |
| Contact Name: |
Judith Van Houten |
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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 |
| Email: |
ica@ica-group.org |
| Contact Name: |
Newell Lessell |
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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 up to $25
million dollars. Local approval up to $7.5 million insures
timely turn- around. All Vermont businesses that are 51% owned
by U.S. citizens (or permanent resident aliens) are eligible to
participate in the program. Equity and collateral requirements
do apply. A loan guarantee typically provides a business with a
lower interest rate and longer term thereby providing more free
cash flow. Rates can be fixed or variable. Fully amortizing
loans (no balloon-payments) reduces risk and costs for business
that might have to face refinancing. USDA guarantees leverage
with programs offered by the Vermont Economic Development
Authority, the US Small Business Administration and
locally-based revolving loan funds.
Rural Business Enterprise Grants
Grants can be made to cities, towns and local development
organizations (like CEDO) to fund problem-solving activities
(technical assistance) for small businesses. Examples include:
Funding feasibility studies, providing specialized training to
business owners and studying new product and market
opportunities. In some cases, funds can also be used to
establish revolving loan funds.
Value Added Producer Grants
Grants can be awarded directly to farmers, independent
producers, cooperatives and ag producer groups to fund planning
activities (business plans, feasibility studies) or to fund
working capital to launch the development of new value-added
agricultural products. Grants are awarded annually and
applications are typically solicited in March. 9006
Renewable Energy and Energy Efficiency Grants
Grants can be awarded directly to small business owners and
farmers to assist in funding eligible project costs related to
the purchase and installation of qualified renewable energy
systems (solar, wind, bio-gas, geothermal, wind) and energy
efficiency improvements (lighting, HVAC, refrigeration plus
others). Renewable energy grants can pay for up to 25% of
eligible project costs or $500,000, whichever is less. Energy
efficiency grants can pay for up to 25% of eligible project
costs or $250,000, whichever is less. USDA grants can be
combined with other State, local or Federal programs to provide
even greater savings and payback.
9006 Renewable Energy and Energy Efficiency Loan
Guarantees
Loan guarantees can be issued to banks to pay for up to 50% of
total qualified project costs. The maximum loan guarantee is $25
million, and local approval authority of $7.5 million insures
timely approval. Loan guarantees can be combined with the 9006
grant program to fund up to 50% of total project costs. |
| Address: |
89 Main Street, 3rd Floor
Montpelier, VT 05602 |
| Phone: |
(802) 828-6031 |
| Fax: |
(802) 828-6093 |
| Contact Name |
David Robinson |
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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, Room 205
Montpelier, VT 05601 |
| Phone: |
(802) 828-4422, ext. 203 |
| Fax: |
(802) 828-4485 |
| Contact Name: |
Darcy Carter |
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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 and business
development center for childcare providers in Vermont. The loans
generally range from under $25,000 to $75,000 and typically
carry below-market interest rates. Loans are available for
providers who cannot obtain financing at reasonable rates and
terms for:
1. Improvements needed to meet Vermont’s Core Standards for
Early Childhood Programs;
2. State regulatory requirements;
3. Improvements to meet accessibility requirements of ADA;
4. Facility purchases, renovations or additions to improve
programs or increase capacity;
5. Purchase of equipment and materials to improve quality of
service. Vermont Agritourism Loan Program The
Vermont Agritourism Program is a statewide program focused on
supporting existing and new agriculture enterprises who want to
invite visitors to their farm, and through fees and services, to
add value to their farming businesses. The program provides
farmers with low-interest loan support, helping them adapt to
this emerging opportunity. Loan rates are between 3-5%. |
| Address: |
PO Box 827
15 State Street
Montpelier, VT 05601
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| Phone: |
(802) 223-1448 |
| Fax: |
(802) 223-1455 |
| Contact Name: |
Sam
Buckley, Director of Business Programs |
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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
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| Address: |
National Life Building, Drawer 20
Montpelier, VT 05602 |
| Phone: |
(802) 828-5236 |
| Fax: |
(802) 828-3258 |
| Contact Name: |
Ken Horseman |
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Opportunities Credit Union |
| Description: |
Opportunities Credit Union (OPPSVT)
brings financial resources to Vermonters of low wealth and other
traditionally underserved populations. Headquartered in
Burlington’s Old North End, OPPSVT’s services reach throughout
the State of Vermont. Small Business Loan Program
OPPSVT offers a wide range of small business loan products, from
small “micro-loans” 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. An OPPSVT lender
can work with the member to develop an action plan to overcome
his or her credit challenges. OPPSVT can help members negotiate
workouts and payment arrangements with creditors. Once the
member has demonstrated a commitment to addressing financial
problems, OPPSVT can help them resolve delinquent credit
accounts and establish or reestablish positive credit through a
Tracker loan. |
| Address: |
92 North Street
Burlington, VT 05401 |
| Phone: |
(802) 865-2003 (800) 865-8328 |
| Fax: |
(802) 862-8971 |
| Contact Name: |
Gred Huysman |
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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.
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| Address: |
58 East State Street, Suite 5
Montpelier, VT 05602 |
| Phone: |
(802) 828-5627 |
| Fax: |
(802) 828-5474 |
| Email: |
info@veda.org |
| Contact Name: |
Steve Greenfield |
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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 |
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Community Capital of Vermont |
| Description: |
Community Capital provides flexible
and creative financing that seeds start-ups and fuels expansion,
enabling business owners to build the sales, credit, and
experience needed to secure full bank financing in the future.
Loans from $1,000 to $50,000 are available to purchase
equipment, inventory, and real estate or for working capital and
other start-up or expansion expenses. Refinancing of business
debt is also an eligible use of funds. Community Capital also
provides borrowers with free one-on-one, industry-specific
consulting and business advancement grants to help with business
plan implementation. Applicants must own a business located in
Vermont and meet other eligibility and underwriting criteria. In
addition to operating its own loan funds, Community Capital
administers Job Start, a state-funded loan program designated to
support the start-up or expansion of microbusinesses owned by
low-income Vermont entrepreneurs. |
| Mailing Address: |
PO Box 342
Barre, VT 05641 |
| Physical Address: |
107 North Main Street, Suite 7
Barre, VT 05641 |
| Phone: |
(802) 479-0167 |
| Fax: |
(802) 479-2867 |
| Contact Name: |
Christopher Rottler |
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Vermont Sustainable Jobs Fund (VSJF) |
| Description: |
The Vermont Sustainable Jobs Fund is a
private, non-profit corporation created in 1995 by the Vermont
Legislature with two goals: to create and retain quality jobs,
and to conserve Vermont’s social and natural environment. The
Jobs Fund provides grants and technical assistance to groups of
businesses to help them cooperate to increase business profits.
The Fund also focuses on value-added products by developing
regional markets that provide opportunities for Vermont
businesses. Priority is given to the existing natural resource
base, to the types of businesses that have the potential to pay
living wages, and that have a neutral or positive impact on
Vermont’s communities and environment. The staff is interested
in meeting and talking with anyone who has an idea that may
create opportunities for Vermont businesses. If an idea meets
the above criteria, the Fund’s staff will work with the
applicant to prepare an application. The Board of Directors is
the final approval authority.
The Jobs Fund is also interested in partnering with other
businesses and organizations to develop new products,
value-added markets, and better business practices to give
Vermont businesses competitive advantages in the global
marketplace. |
| Address: |
3 Pitkin Court, Suite 301E
Montpelier, VT 05602 |
| Phone: |
(802) 828-1260 |
| Fax: |
(802) 828-5474 |
| Email: |
info@vsjf.org |
| Contact Name: |
Ellen Kahler, Executive Director |
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Page last updated
July 06, 2009 |
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