Jay Area Revolving Loan Fund Press Release

CONTACT:

Carol Lighthall, Community Capital of Vermont, 802.479.0167 ext.2, clighthall@communitycapitalvt.org

Dave Snedeker, Northeastern VT Development Association, 802.748-8303 dsnedeker@nvda.net

Karen O’Donnell, Top of Vermont, 802.988.4120, Karen@topofvt.com

Development Dollars for Underserved Businesses to be Distributed in Northeast Kingdom

Evolving small businesses and start-ups in the Northeast Kingdom may now access new sources of business loan funds.

The loans will be made from self-replenishing pools of money from the Town of Jay, where new loans are capitalized by the interest and principal payments from existing loans. Backing will be directed to small entrepreneurs who otherwise may not qualify for traditional financing due to lack of credit or collateral.

The Town of Jay has assigned the loan funds to Community Capital of Vermont (CCVT) and the Northeastern Vermont Development Association (NVDA), in consultation with the Vermont Agency of Commerce and Community Development. The funds will be distributed by CCVT and NVDA, and a partnership with Top of Vermont, the Jay Peak Region’s chamber of commerce, will help with marketing the funds.

Financers CCVT and NVDA have a longstanding track record in lending to underserved entrepreneurs and communities. Through a proven financing system of consultation and technical support, CCVT makes loans from $1,000 - $100,000 to entrepreneurs statewide. “Using loan funds effectively is key to long-term business success,” noted Carol Lighthall, CCVT Executive Director. “Throughout the process, CCVT provides optional training and counseling, free of charge, to raise the post-loan visibility of our borrowers’ businesses and improve their quality, efficiency, and delivery of services.”

NVDA is a designated Nonprofit Community Development Organization serving the Northeast Kingdom region of Vermont. It administers a Revolving Loan Fund for economic and community development projects in Caledonia, Essex and Orleans Counties.  Executive Director Dave Snedeker noted, “With new loan funds recently coming to NVDA from the Town of Jay, we now hope to begin making loans to businesses in Jay as well as strengthen our support in surrounding Northeast Kingdom communities. “  NVDA tends to make larger business loans in the range of $10,000 - $100,000 in partnership with other lenders.

Loan funds are immediately available. Carol Lighthall and Dave Snedeker, as well as business ambassadors from the region who have worked with CCVT and NVDA, will be on hand to talk with new entrepreneurs in an informational session at the Top of Vermont Annual Meeting on May 22. For more information about the Top of Vermont event, contact Karen O’Donnell (802.988.4120, Karen@topofvt.com). For more information about business funding, contact Carol Lighthall at CCVT (802.479.0167 ext.2, clighthall@communitycapitalvt.org) or Dave Snedeker at NVDA (802.748-8303 dsnedeker@nvda.net).