Vermont Community Loan Fund lends $763,000 in 2nd quarter
The Vermont Community Loan Fund (VCLF) approved $763,000 in financing to Vermont’s small businesses, affordable housing developers, and child care programs during the second quarter of 2012.
“These loans support VCLF’s goals of increasing Vermont’s quantity and quality of affordable housing stock, child care programs, businesses and community facilities, all of which serves our mission of helping build a healthier, stronger and more vibrant Vermont,” said VCLF Executive Director Will Belongia.
Projects approved for VCLF financing include:
Paine’s Christmas Trees, Morrisville
Paine's Christmas Trees has been selling Christmas trees for over 40 years, and sells about 2,500 trees a year, along with other holiday-themed items at its shop. They’ll use a VCLF loan to make improvements to their farm store and sugar house. The loan has resulted in the preservation of six part-time and two seasonal jobs.
Maple Leaf Malt and Brewing Company, Wilmington
Maple Leaf is a casual pub-style restaurant located in Wilmington, one of the towns most devastated by Tropical Storm Irene. With help from VCLF, Maple Leaf reopened quickly this spring, and a new loan was used for working capital during the slower spring months. Seven jobs have been preserved as a result.
Imagination Station Preschool, Barre
Imagination Station Preschool is a full-day, home-based licensed preschool program serving children ages three to five years old. The loan will help them expand services, resulting in 22 child care slots retained and eight new slots created. Fifty percent of Imagination Station’s slots serve families receiving child care subsidies.
Sunny Lane Daycare, Brookline
Sunny Lane, a home-based program, used their loan from VCLF to expand their services, add playground space and new equipment. With this loan, 11 child care slots have been retained and 34 new slots created. 67% of Sunny Lane’s slots serve families receiving child care subsidies. One new job was created, and another one preserved.
Heather’s House, Shelburne
Heather’s House, a home-based registered early childhood program serving children ages birth to 12, used their VCLF loan to cover fire, safety and licensing improvements including playground upgrades, installation of fire-rated doors, a roof to cover the outside play space and storage space inside and out. This loan has resulted in six child care slots retained, six created, one job preserved and another new job created.
Creative Spirit Children’s Center, Vershire
Creative Spirit Children’s Center is a five-STARs-rated full-day, full-year licensed child care center serving children ages six weeks to 12 years. Creative Spirit will use a VCLF loan to buy new cribs to meet licensing requirements due to a federal recall of more than two million cribs. The loan has helped Creative Spirit to retain 27 child care slots, 90% of which are available to families receiving subsidies. Seven jobs were preserved as a result of the loan.
Red Doors Children’s Center, Sutton
Red Doors Children’s Center will use a VCLF pre-development loan for engineering, permitting and appraisal costs associated with the program’s start-up, as well as facility renovation, equipment and supplies purchase. Red Doors will be a for-profit, full-day, full-year, child care facility serving children birth to six years, providing up to 40 new child care slots in the Northeast Kingdom.
Addison County Community Trust, Middlebury
ACCT will purchase a seven-acre parcel in Middlebury that will ultimately provide up to 36 new units of affordable housing for seniors. These new homes are of critical importance as, at present, all of the 210 affordable units currently managed by ACCT are fully occupied. The town of Middlebury estimates that approximately 50% of its population will be age 50 or over by 2015.
Central Vermont Community Land Trust – Phoenix House, Barre
CVCLT, which manages and develops affordable housing in Washington and Orange Counties, will use a VCLF loan to convert an existing residence into transitional housing, in partnership with a mental health counseling agency. The loan resulted in the creation of two new jobs. Thirty-five Vermonters will be served annually by Phoenix House.
Gilman Housing Trust, Orleans
GHT will use a loan from VCLF to refinance a single-family affordable home currently owned by the organization. Some of the funding will also go to complete the rehabbing work that was begun by student volunteers.
Soruce: VCLF 8.24.2012. The Vermont Community Loan Fund’s mission is to transform Vermonters' lives by providing loans, grants and technical assistance for affordable housing, small businesses, child care providers and other community facilities benefiting lower-income Vermonters. Celebrating our 25th anniversary in 2012, VCLF has made almost 900 loans totaling $72 million to create or preserve 4,000 jobs; build or rehab 3,000 units of affordable housing, and create or preserve 3,000 child care slots in Vermont.