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Goal: Burlington continues to generate a strong,
diverse base of locally-owned enterprises.
Five-year Focus:
- Promote the use of Renewal Community and Vermont Downtown tax
incentives.
- Encourage the development of a risk capital fund.
- Identify and target vacant commercial spaces in the Renewal Community and
in the rest of the City, and assist property owners with finding tenants
that meet community needs.
- Encourage home-based business development.
- Develop more affordable commercial and incubator space downtown and in
other designated areas throughout the City.
- Provide businesses with hands-on assistance with the permitting
process.
- Develop and disseminate resource guides for entrepreneurs and
employers.
- Develop and/or support training and financial resources to support new
enterprise and self-employment.
- Expand microlending programs to increase the number and the size of
loans available.
- Support the Sustainable Jobs Fund, Vermont Job Start, the Vermont
Development Credit Union and the Vermont Community Loan Fund's business
loan/grant funds.
- Develop and/or support economic literacy training programs for people
interested in starting small businesses.
- Support the Burlington Currency Program's efforts to expand the number and
types of businesses participating in this program.
- Develop and/or sustain additional services to increase the competitiveness
of small businesses.
- Support the "Vermont Consultants Network."
- Support energy conservation and cost reduction programs.
- Continue to monitor banking activity to ensure that banks remain
responsive to local businesses.
- Direct the purchasing power of major institutions within the City to
support local businesses in order to direct dollars to the local
economy.
- Encourage individuals and organizations to invest savings in local
financial institutions that reinvest funds directly back into the community,
and promote active community reinvestment among all local banks and
financial institutions.
- Support the Vermont Employee Ownership Center.
The City will fund the following projects and programs with CDBG funds in program year 2007 to further the
priority of continued growth and development of locally-owned businesses:
| Project Title
|
Relation to Consolidated Plan |
CDBG Funds Budgeted |
Other Funds Budgeted |
Projected Accomplishments |
| Burlington Sustainable Economic Development Strategies |
General financial and technical assistance to small and large
businesses; targeted assistance to employers with livable wage jobs
and to businesses playing a key role to downtown vitality;
development of affordable space for small and micro businesses;
waterfront development; and redevelopment of vacant or abandoned
property |
$100,000 |
$34,185,000 |
Help 100 businesses access
Renewal Community and
Downtown Program
tax incentives |
| Provide assistance and training to
small businesses on software development, environmental management,
access to affordable venture capital and equity, business ownership
transition and employee ownership and participation |
| Help 30 developers with the
permitting process |
| Expand
telecom services to local businesses, with
50 businesses connected |
| Create/retain 200 jobs |
| Business Financing & Technical Assistance |
Promote economic independence for entrepreneurs by
providing them technical assistance and access to capital to start
or expand their businesses |
$106,000 |
$56,000 |
Provide information, financing and/or technical
assistance to 195 people |
| Help to start 10 new businesses and retain/expand
10 businesses |
| Create/retain
90 jobs |
| Close 3 loans |
| Promote
Renewal
Community and
Designated Downtown tax incentives |
| Maintain the
Commercial Space database |
| Distribute guide to
Doing Business in Burlington |
| Assist refugee entrepreneurs |
| Promote
Livable
Wage Toolkit |
| Women’s Small Business Program |
Foster economic independence by giving women the
skills needed for entrepreneurial success |
$9,000 |
$71,000 |
Provide technical assistance to 15 entrepreneurs |
| 11 business
start-ups/businesses revitalized |
Page last updated
April 30, 2007
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