The Loan Fund's 2020 social impact numbers are in, and they tell a compelling story about the collective efforts of our borrowers and staff during a time of extraordinary challenges.
"Despite a once-in-a-century global pandemic and the ensuing economic uncertainty, the Loan Fund remained sound and effective. It's a testament to our internal controls, our responsible stewardship of investors' and philanthropists' funds, and, most of all, our deep commitment to our borrowers and the communities we seek to serve," said VCLF Executive Director Will Belongia.
Last year, VCLF’s lenders closed 38 loans totaling $1.98 million. While the number of loans closed was consistent with previous years' (38 loans closed in 2019, for instance), the actual dollars "out the door" were lower overall (compared to $4.5 million in 2019). This decrease was driven primarily by two factors: (1) a historically unsettled economic environment in which potential borrowers were understandably hesitant to take on new debt, and (2) VCLF's focus on smaller-dollar COVID-19 recovery programs like the SBA's Paycheck Protection Program and our own Northern Vermont Economic Recovery Fund. We even spent much of the summer focused on promoting the state's Vermont Emergency Economic Recovery Grant program, providing outreach to women and BIPOC entrepreneurs throughout the state.
"2020 proved it yet again: the real impact of the Loan Fund's work isn’t measured in dollars and cents," Belongia stresses. "At the end of the day, or the end of any given year, VCLF's success is about the number of Vermont jobs we've saved and created, the number of affordable homes we've financed, the number of kids enrolled in high-quality care and education programs, and so much more," he said.
- 276 jobs created or preserved
- 76 affordable homes built or rehabilitated
- 200 high-quality early care & learning slots created or preserved
- 145,763 lbs. of local food produced
- 1,646 hours of training & coaching from the Business Resource Center
The Loan Fund's 2020 social impact numbers are in, and they tell a compelling story about the collective efforts of our borrowers and staff during a time of extraordinary challenges.
"Despite a once-in-a-century global pandemic and the ensuing economic uncertainty, the Loan Fund remained sound and effective. It's a testament to our internal controls, our responsible stewardship of investors' and philanthropists' funds, and, most of all, our deep commitment to our borrowers and the communities we seek to serve," said VCLF Executive Director Will Belongia.
Last year, VCLF’s lenders closed 38 loans totaling $1.98 million. While the number of loans closed was consistent with previous years' (38 loans closed in 2019, for instance), the actual dollars "out the door" were lower overall (compared to $4.5 million in 2019). This decrease was driven primarily by two factors: (1) a historically unsettled economic environment in which potential borrowers were understandably hesitant to take on new debt, and (2) VCLF's focus on smaller-dollar COVID-19 recovery programs like the SBA's Paycheck Protection Program and our own Northern Vermont Economic Recovery Fund. We even spent much of the summer focused on promoting the state's Vermont Emergency Economic Recovery Grant program, providing outreach to women and BIPOC entrepreneurs throughout the state.
"2020 proved it yet again: the real impact of the Loan Fund's work isn’t measured in dollars and cents," Belongia stresses. "At the end of the day, or the end of any given year, VCLF's success is about the number of Vermont jobs we've saved and created, the number of affordable homes we've financed, the number of kids enrolled in high-quality care and education programs, and so much more," he said.
- 276 jobs created or preserved
- 76 affordable homes built or rehabilitated
- 200 high-quality early care & learning slots created or preserved
- 145,763 lbs. of local food produced
- 1,646 hours of training & coaching from the Business Resource Center