Vermont Community Loan Fund

Eligibility: Support sustainable local economies, Conserve or expand economically viable uses of Vermont's working landscape and/or natural resources, Increase economic opportunities for low-income, disenfranchised or underemployed Vermonters through the creation of livable-wage jobs and quality workplaces. Acceptable uses: real estate mortgages, fixed-asset financing, permanent working capital, lines of credit, purchase order financing, restructured debt, subordinated debt.

Rates and terms: The current average rate is 7%; rates are determined on a case-by-case basis. Terms range from several months up to 20 years and are typically fully amortized. Flexibility in term, rate and repayment schedule is project-specific and based on project need and strength of proposal. There is an application fee of $50. An origination fee of 1% of the total loan amount and a loan documentation fee of $125 are both due at closing. Expenses incurred for the recording of collateral documentation and anticipated discharge of such documentation are also due at closing. The current maximum loan amount will not exceed $350,000. Contact Bonnie Smoren, Loan Administrator, at bonnie@vclf.org or (802) 224-9141.