The U.S. Department of Treasury's Community Development Financial Institutions (CDFI) Fund has announced a $700,000 award granted to the Vermont Community Loan Fund (VCLF).
- construction/rehabilitation of 590 affordable homes
- local businesses that will create and preserve 1,785 Vermont jobs
- early care & learning programs serving 453 children & their families
- community programs and facilities providing essential services to 100,000 Vermonters
- business development & advisory services to 370 entrepreneurs, businesses and organizations
“The CDFI Fund has again recognized the importance of the Loan Fund’s work to provide all Vermonters with equal opportunity and access to important financial resources,” said VCLF Executive Director Will Belongia. “We’re so grateful for this latest award which allows us to continue our mission-driven lending that will help grow our state’s economy, and support Vermonters’ financial stability and quality of life, especially for struggling families,” Belongia added.
The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable loan capital and other financial services. With the announcement of the CDFI Fund’s 2018 total of $202.2 million in awards to 302 CDFI lenders across the U.S., CDFI Fund Director Annie Donovan commented: “The FY 2018 CDFI Program and NACA (Native American CDFI Assistance) Program awardees will provide vital financial services and lending to low-income communities nationwide… (to) benefit Native Communities, areas of persistent poverty, and individuals with disabilities.”
Vermont's Congressional delegation - Senator Patrick Leahy, Senator Bernie Sanders and Congressman Peter Welch - have long been advocates of the CDFI Fund and the vital work of CDFIs. “This award will advance community-based initiatives in Vermont that are focused on alleviating poverty and advancing social justice,” Leahy, Sanders and Welch said in a joint statement. “VCLF has a proven track record of using these federal fundsto improve the lives of Vermonters. Because of this initiative, more Vermonters will have access to safe affordable housing, childcare and small business capital.”
A highly competitive federal funding source, the CDFI Fund received applications for the FY 2018 round from 432 organizations requesting $334.9 million through the CDFI Program Financial Assistance and Technical Assistance awards.
Since 1987, the Loan Fund’s lending programs have driven economic growth, financial stability and opportunity through support of small family businesses and job creation; development of affordable homes; quality early care & learning programs; medical, dental, senior, youth and arts programming and other community services throughout Vermont. Financing is provided alongside no-cost customized business coaching services, “in an effort to provide everything a borrower needs to succeed,” explained Belongia.
Beginning in 1996, the CDFI Fund’s investment in VCLF, now totals almost $11 million.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $3 billion to CDFIs, community development organizations, and financial institutions through: the BEA Program; the Capital Magnet Fund, the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $54 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds in the amount of $1.36 billion through the CDFI Bond Guarantee Program. To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at www.cdfifund.gov.
The U.S. Department of Treasury's Community Development Financial Institutions (CDFI) Fund has announced a $700,000 award granted to the Vermont Community Loan Fund (VCLF).
- construction/rehabilitation of 590 affordable homes
- local businesses that will create and preserve 1,785 Vermont jobs
- early care & learning programs serving 453 children & their families
- community programs and facilities providing essential services to 100,000 Vermonters
- business development & advisory services to 370 entrepreneurs, businesses and organizations
“The CDFI Fund has again recognized the importance of the Loan Fund’s work to provide all Vermonters with equal opportunity and access to important financial resources,” said VCLF Executive Director Will Belongia. “We’re so grateful for this latest award which allows us to continue our mission-driven lending that will help grow our state’s economy, and support Vermonters’ financial stability and quality of life, especially for struggling families,” Belongia added.
The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable loan capital and other financial services. With the announcement of the CDFI Fund’s 2018 total of $202.2 million in awards to 302 CDFI lenders across the U.S., CDFI Fund Director Annie Donovan commented: “The FY 2018 CDFI Program and NACA (Native American CDFI Assistance) Program awardees will provide vital financial services and lending to low-income communities nationwide… (to) benefit Native Communities, areas of persistent poverty, and individuals with disabilities.”
Vermont's Congressional delegation - Senator Patrick Leahy, Senator Bernie Sanders and Congressman Peter Welch - have long been advocates of the CDFI Fund and the vital work of CDFIs. “This award will advance community-based initiatives in Vermont that are focused on alleviating poverty and advancing social justice,” Leahy, Sanders and Welch said in a joint statement. “VCLF has a proven track record of using these federal fundsto improve the lives of Vermonters. Because of this initiative, more Vermonters will have access to safe affordable housing, childcare and small business capital.”
A highly competitive federal funding source, the CDFI Fund received applications for the FY 2018 round from 432 organizations requesting $334.9 million through the CDFI Program Financial Assistance and Technical Assistance awards.
Since 1987, the Loan Fund’s lending programs have driven economic growth, financial stability and opportunity through support of small family businesses and job creation; development of affordable homes; quality early care & learning programs; medical, dental, senior, youth and arts programming and other community services throughout Vermont. Financing is provided alongside no-cost customized business coaching services, “in an effort to provide everything a borrower needs to succeed,” explained Belongia.
Beginning in 1996, the CDFI Fund’s investment in VCLF, now totals almost $11 million.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $3 billion to CDFIs, community development organizations, and financial institutions through: the BEA Program; the Capital Magnet Fund, the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $54 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds in the amount of $1.36 billion through the CDFI Bond Guarantee Program. To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at www.cdfifund.gov.