Community Loan Fund Gives $502,000 In Small Business Loans
10/05/12 2:40PM By Steve Zind
Five businesses and organizations were loaned a total of $501,800 by the Vermont Community Loan Fund (VCLF) during the third quarter of 2012.
· Highfields Center for Composting in Hardwick was given a loan to purchase equipment to transport and process compost. According the VCLF, the loan helped the company retain six full-time employees and create three additional jobs at livable wages.
· W. Masonry in Westford was given a loan to finance payroll until the completion of a contract for work on a new pharmacy in Williston. VCLF says the loan helped the company retain two jobs and create three additional positions.
· Mud City Kids Child Care Center in Morrisville received a loan to expand it facility and increase child care capacity. According to VCLF, ten jobs were retained and six new jobs were created.
· Turtles ‘N Tots Daycare in Johnson is using a VCLF loan for operating capital and to purchase equipment and supplies. VCLF says the center is the only licensed child care program in Johnson and Hyde Park. In addition to expanding the number of child care openings at the center, VCLF says two jobs were retained and eight new jobs were created.
· Addison County Community Trust in Middlebury was awarded a loan to buy transitional emergency family housing in Middlebury.
VCLF says the loans reflect its mission to provide loans, grants and assistance for small business, child care, affordable housing and other community projects.
As a private, non-profit lender, VCLF does not release the specific amounts of the loans.