Vermont Business Magazine Helping our economy grow by developing tools and providing business assistance is the core of Vermont’s economic development plan. Putting this assistance together to benefit Lamoille County residents is what Lamoille Economic Development Corporation (LEDC) has done with its half-million dollars in available funding. Growing businesses often need financing beyond what their primary bank is able to lend them. Small businesses may need loans too small for banks to find profitable. LEDC is a source of funding for these businesses in Lamoille County and those looking to move to Lamoille County.
LEDC created the Lamoille County Revolving Loan Fund for the purpose of helping to provide meaningful economic development to the residents of Lamoille County. To achieve this mission, the Lamoille County Revolving Loan Fund is intended to supplement existing or private sources of funding for small and medium sized businesses.
Loans through the Lamoille County Revolving Loan Fund range from micro loans starting at $2,500 to small business loans with a maximum of $50,000 (in special circumstances loans may be for larger amounts). Funding is available to agricultural, manufacturing, commercial and service businesses, including start-ups and small businesses. Preference is given to businesses that exhibit value-added technology, innovation or growth orientation. In the last 12 months the LEDC has made loans for $120,000 ranging from $12,000 to $50,000.
This fund is yet another benefit for businesses in Lamoille County, or moving to Lamoille County, that LEDC offers. A variety of free resources are also available including but not limited to; business planning, marketing planning, advertising and branding advice, public relations and press release advice, some website and graphic design assistance, and a variety of workshops intended to help local businesses and entrepreneurs.
These programs manifest LEDC’s Mission; “To strengthen the county’s economy through facilitating the creation and expansion of jobs and businesses and investing for the prosperity of Lamoille County communities.”
More details of the Revolving Loan Fund can be found online at: http://lamoillerevolvingloanfund.com
Source: LEDC 9.20.2017
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