VERMONT COMMUNITY LOAN FUND, INC.
Microloan of $750,000. Having a new source of loan capital will help to ensure that the Vermont Community Loan Fund is able to provide micro-lending that helps our borrowers succeed. With current Total Assets of approximately $24 million and a current portfolio of 266 loans with almost $18 million outstanding, the Vermont Community Loan Fund is the largest, longest-serving Community Development Financial Institution (CDFI) currently domiciled in Vermont. Our portfolio is geographically diverse, representing borrowers in every corner of the state. Our goal is to see our borrowers grow and their businesses thrive. As our borrowers surpass the micro-loan level, we are able to provide them with the larger loans that allow them to keep growing to the point that they become traditionally bankable and no longer need our services. We have a long history of successful co-lending partnerships with Vermont's local banks, both referring capital seekers to them and receiving referrals from them.
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| AWARD OVERVIEW |
| Award Number |
3574485009 |
Funding Agency |
Small Business Administration |
| Total Award Amount |
$750,000 |
Project Location - City |
Montpelier |
| Award Date |
08/14/2009 |
Project Location - State |
VT |
| Project Status |
Completed |
Project Location - Zip |
05602-3180
|
| Jobs Reported |
0.00 |
Congressional District |
00 |
| Project Location - Country |
US |
|
|
Recipient Information
(Loans)
| Recipient Information (Loans) |
|
Recipient Name
|
VERMONT COMMUNITY LOAN FUND, INC. |
| Recipient DUNS Number |
782118657
|
| Recipient Address |
15 STATE ST STE 101 |
| Recipient City |
MONTPELIER |
| Recipient State |
Vermont |
| Recipient Zip |
05602-3179 |
| Recipient Congressional District |
00 |
| Recipient Country |
USA |
Required to Report Top 5
Highly Compensated Officials |
No |
Projects and Jobs Information
| Projects and Jobs Information |
| Project Title |
SBA Microloan |
| Project Status |
Completed |
| Final Project Report Submitted |
Yes |
| Project Activities Description |
Community Economic Development |
| Quarterly Activities/Project Description |
VCLF received a $750,000 award and has invoiced and received $750,000 of which $462,764.47 has been expended. The principal balance outstanding of the loans made is $269,719.78. ARRA funds are used in the work in the Business Loan Program and the Child Care Loan Program. Both programs provide loans to micro and small businesses. The Business program serves a variety of industries from trucking, logging, restaurant, retail to inns, farms and manufacturers. The Child Care program serves both home and facility based providers. Both programs received a total of 15 (12 business, 3 child care) inquires and 5 (2 business, 3 child care) applications this quarter. They committed to 3 (2 business, 1 child care) applicants and closed 4 (2 business, 2 child care) loans. During this quarter two (1 business, 1 childcare) loans were made using ARRA funds. The Business loan was for working capital for a masonry business and the childcare loan was for equipment and working capital. A total of twenty two loans have been made since the inception of this award with eight loans paying off. ARRA funds have been used in eleven of the fourteen counties in Vermont. |
| Jobs Created |
0.00 |
| Description of Jobs Created |
None |
Purchaser Information
(Loans)
| Purchaser Information |
| Contracting Office ID |
Not Reported |
| Contracting Office Name |
Not Available |
| Contracting Office Region |
Not Available |
| TAS Major Program |
73-4279 |
| Award Information |
| Award Date |
08/14/2009 |
| Award Number |
3574485009 |
| Order Number |
|
| Award Type |
Loans |
| Funding Agency ID |
73 |
| Funding Agency Name |
Small Business Administration |
| Funding Office Name |
Not Available |
| Awarding Agency ID |
73 |
| Awarding Agency Name |
Small Business Administration |
| Amount of Award |
$750,000 |
| Funds Invoiced/Received |
$750,000 |
| Expenditure Amount |
$462,764 |
| Infrastructure Expenditure Amount |
$0 |
| Infrastructure Purpose and Rationale |
Not Reported |
| Infrastructure Point of Contact Name |
Not Reported |
| Infrastructure Point of Contact Email |
Not Reported |
| Infrastructure Point of Contact Phone |
Not Reported |
| Infrastructure Point of Contact Address |
Not Reported |
| Infrastructure Point of Contact City |
Not Reported |
| Infrastructure Point of Contact State |
Not Reported |
| Infrastructure Point of Contact Zip |
Not Reported |
Product or Service Information
(Loans)
| Product or Service Information |
| Primary Activity Code |
S02 |
| Activity Description |
Community Economic Development |
| Sub-Awards Information |
| Sub-awards to Organizations |
0 |
| Sub-award Amounts to Organizations |
$0 |
| Sub-Awards to Individuals |
0 |
| Sub-Award Amounts to Individuals |
$0 |
| Number of Sub-awards less than $25,000/award |
0 |
| Amount of Sub-awards less than $25,000/award |
$0 |
| Number of payments to vendors greater than $25,000 |
0 |
| Total Amount of payments to vendors greater than $25,000/award |
$0 |
| Number of payments to vendors less than $25,000/award |
0 |
| Total Amount of payments to vendors less than $25,000/award |
$0 |
| Location Information |
| Latitude, Longitude |
44º 15' 36",
-72º 34' 33" |
| Congressional District |
00 |
| Address 1 |
|
| Address 2 |
|
| City |
Montpelier |
| County |
Washington |
| State |
VT |
| Zip |
05602-3180 |
|
 |