Walnut Hill Farm by Jill Perry Balzano
Vermont Enterprise Journal The Vermont Group Mortgage Fund (VCLF) loaned $660,476 to Vermont’s small companies, early care & studying packages, inexpensive housing builders and neighborhood services within the fourth quarter of 2019, selling job creation, increasing entry to high quality care, inexpensive houses and provision of important neighborhood companies all through Vermont.
The final quarter capped off a robust 12 months for VCLF: 38 loans totaling $4,468,857, leveraging one other $11.7 million in challenge funding from conventional lenders and public & non-public sources. Final 12 months, VCLF financing created or preserved jobs for 338 Vermonters, high quality early care & studying serving 236 kids & households, and constructed or rehabilitated inexpensive houses for 150 Vermont households.
On December 31st, 2019, VCLF’s mortgage portfolio consisted of 239 loans with $31 million excellent, representing employment for two,213 Vermonters, high quality look after 1,379 kids & households, inexpensive houses for 1,081 households and important companies for 35,141 Vermonters.
“The Vermont Group Mortgage Fund is proud to assist finance Vermont’s revolutionary entrepreneurs, early care & studying suppliers, inexpensive housing builders and neighborhood services all through our state,” mentioned VCLF Govt Director Will Belongia.
Through the fourth quarter of 2019, the Vermont Group Mortgage Fund supplied financing to:
Aunt Sadie’s Candles, Lunenburg
Aunt Sadie’s, producer and vendor of hand-crafted scented candles, has beforehand turned to VCLF to refinance debt and buy much-needed vacation season stock. In 2019, they once more got here to VCLF for a mortgage to buy stock upfront of busy vacation orders. Financing helped protect 4 jobs, and created one new one. auntsadiesonline.com
Copper Creamery, Montpelier
Copper Creamery produces loum, an genuine Mediterranean halloumi-style cheese, made completely with locally-produced goat and cow milk. VCLF helped them buy a pasteurizer, cheese molds and testing, cleansing & refrigeration tools, and to cowl set up and consulting charges. The mortgage helped create one full-time and one part-time place.
Flower Basket, Hardwick
When the Flower Basket, lengthy a fixture in Hardwick, modified fingers, the brand new house owners approached VCLF for financing to cowl prices together with new tools, stock and updates to their retail area. Shifting ahead, they plan to extend their sourcing of native flowers. The mortgage helped protect two full-time jobs, with plans so as to add two extra within the close to future. theflowerbasketvt.com
Grey Constructing Coalition, Northfield
In 2003, the nonprofit Grey Constructing Coalition bought Northfield’s historic former schoolhouse, referred to as The Grey Constructing, to redevelop it as a neighborhood useful resource heart. With VCLF financing, its lecture rooms have been renovated and repurposed as neighborhood area and rental areas for native companies and nonprofit neighborhood teams. Final 12 months, VCLF financed extra renovations to organize the ability on the market to a brand new nonprofit proprietor. Financing helped protect the ability serving 5,800 Vermonters yearly.
Magic Mountain Ski Space, Londonderry
First opened in 1960, Magic Mountain was bought by new house owners in 2016. Since taking on the mountain, they’ve grown their revenues in each class, with annual skier visits rising by 30%. Hoping to proceed that development, they got here to VCLF for assist financing a brand new quad chairlift, together with new advertising and marketing methods. The mortgage helped protect six fill-time, year-round jobs and 85 part-time seasonal jobs. An extra six jobs will probably be created. magicmtn.com
Northeast Kingdom Studying Providers, Newport
Northeast Kingdom Studying Providers, a nonprofit group, began within the mid-1960s as an Workplace of Financial Alternative grownup literacy program. Throughout 5 a long time, they’ve supplied programming together with household literacy, migrant training, tobacco and substance abuse programming and extra. NEKLS got here to us final 12 months as they deliberate to open a toddler care facility, Newport’s Prepared, Set, Develop Baby Care Heart. Financing has resulted in high quality early care & studying serving 98 kids & households, and 16 new jobs. neklsvt.org/tempwebsite
Sawyer Made, Woodbury
Sawyer Made positive woodworking has been making historic copy and different hand-crafted chairs from locally-sourced wooden since 1982. Additionally they supply lessons in chair-making and woodworking. Lately, upon receiving a Working Lands Enterprise Initiative grant that partially funded the renovation of their carriage barn, they approached VCLF for assist finishing the work. The challenge will allow the enterprise to double class enrollments, create gallery and occasion area, and extra. This mortgage preserves one full-time job, with the creation of a brand new job anticipated within the close to future. sawyermade.com
Summit Properties’ 101 Mahoney Avenue, Rutland
Summit Properties is a Vermont-based, non-public developer of inexpensive housing acknowledged for award-winning senior housing communities. They got here to VCLF for financing to assist buy a pre-existing inexpensive senior complicated . The mortgage resulted within the rehabilitation of 22 inexpensive houses, and the creation of 27 development jobs.
Walnut Hill Farm, Pawlet
Walnut Hill Farm house owners beforehand used VCLF’s SPROUT program financing to buy tools and make web site enhancements on a farm they previously owned in Wells, Vermont. Now they’re working with new co-packers within the New York Metropolis metro space, having gained entry to bigger scale farmers’ markets. Financing helped protect two jobs. walnuthillfarmvt.com
Since 1987, the Vermont Group Mortgage Fund has loaned over $110 million to native companies, inexpensive housing builders and community-based organizations which have created or preserved over 6,800 jobs; constructed or rehabilitated 4,250 inexpensive houses; created or preserved high quality look after over 4,200 kids and their households; and supported neighborhood organizations offering important companies to lots of of 1000’s of Vermonters. investinvermont.org
Supply: VCLF 3.9.2020