In the third quarter of 2015, the Loan Fund provided $790,000 in flexible, supported financing to small businesses, early education and child care programs, affordable housing developers, and community-focused organizations, supporting job creation, safe and affordable homes, high-quality early care and vital community services throughout Vermont.
Commenting on the busy lending period, VCLF Executive Director Will Belongia said “Loan after loan, quarter after quarter, year after year, VCLF's work creating access to capital continues to show great benefits for Vermont: stronger, healthier communities, new jobs, safe, affordable homes, families on the rise. The opportunities we create for all Vermonters go far beyond the dollars and cents."
Projects financed in Q3 2015 include:
Addison County Community Trust, Waltham
ACCT, nonprofit developer of affordable housing in Addison County, will use VCLF financing to support the redevelopment of a blighted mobile home park in Waltham into an affordable rental community. ACCT will remove the blighted homes, remediate soils contaminated by spilled fuel oil and build 14 high-performance zero-net energy homes; the community's siting provides easy access to services and jobs. addisontrust.org
Cobb Hill Frozen Yogurt, Hartland
Cobb Hill Frozen Yogurt produces their artisanal frozen dessert in small batches from the milk of local Jersey cows. They used a VCLF loan to purchase the batch freezer they needed to double their production. The loan preserves one full-time and one part-time job. cobbhillcheese.org/frozenyogurt
D & J Investments used VCLF funding to purchase the building they had been renting for their child care center, Dooda's Daycare, which provides quality care serving 53 children and their families, as well as eight full-time and three part-time jobs.
Fine Wooden Furniture, Mt. Tabor
Bob Gasperetti's Fine Wooden Furniture makes heirloom quality furniture for home and office, with designs inspired by the Shaker and Arts & Crafts movements. He came to VCLF to help refinance existing debt, significantly improving the businesses financing position and preserving two jobs. gasperetti.com
Greenfield Highland Beef, Plainfield and Greensboro
These producers of high-quality beef contacted VCLF through the Carrot Project for a loan to purchase a tractor and refinance existing debt. The tractor will allow them to harvest fields for hay at both of their locations in Greensboro and Plainfield, significantly reducing their feed costs. greenfieldhighlandbeef.com
Living Well Community Care Home, Burlington
With Vermont predicted soon to have the seventh-oldest population in the country, elder housing presents an urgent and rising need. Living Well Community Care Home, a nonprofit licensed level III residential care and assisted living care organization, came to VCLF for financing to cover pre-development costs in preparation of expanding their facility, increasing capacity from 36 to 47 beds. livingwellresidence.org
Manufacturers
Clean Yield Analyst and VCLF Board Member Karin Chamberlain Talks About Impact Investments and a Powerful Partnership
The year: 1983. The place: a neighborhood get-together in Stannard, where acquaintances Doug Fleer and Rian Fried came to discover their common interests in social justice, the environment and financial markets. Fried & Fleer Investments was launched not long after. F & F eventually became Clean Yield Asset Management and was soon blazing the trail in the emerging field of socially responsible investing.
The long-standing relationship between our two simpatico organizations was taken to another level when Elizabeth Glenshaw, then President of the VCLF Board of Directors, joined the Clean Yield team as their Managing Director in 2009.
In 2014, Clean Yield’s Impact and Community Investment Analyst Karin Chamberlain joined the VCLF Board herself. She’s now Board Treasurer and serves on several working groups including the Retirement Committee, Finance Committee and the Environmental Task Force. Chamberlain (also a competitive endurance speed skater; see link below) was generous enough to give us even more of her time recently to talk about the Loan Fund, Clean Yield and the growing interest in impact investing.
VCLF: Why do you think the Vermont Community Loan Fund is a popular choice for many of your clients?
KC: VCLF is the most popular impact investment among our clients and is a gateway investment for many of our clients into the field of impact investing. We recommend VCLF to our clients because of your mission, reputation and success, and the fact that many our clients live in Vermont or have close ties to Vermont.
The Loan Fund’s flexible terms, long track record, history of 100% repayment and substantial loan loss reserve make it suitable for almost any client. Over the last few years, Clean Yield client investments in VCLF have increased at a rate of over 5% a year, with a 9% jump in 2015, which pushed us across the $1 million mark in total investments in the Loan Fund. Included in that amount are three investments totaling $38,000 in your Food, Farms & Forests Fund.
What do you think is the most attractive aspect of investing with VCLF?
The real impact that VCLF has on the local economy and community. Many of our clients can actually witness the impact of their investments. When people can see, concretely, the evidence of what their money is doing, they become very excited about it. VCLF is well-regarded in the community.
Clean Yield and the Loan Fund share similar values, supporting investments in economic development that have a positive social and environmental impact. They are different in that Clean Yield is a for-profit business that also does traditional stock and bond investing (in line with the values of our clients), but philosophically we share the same core values and underlying belief that money and investments can have incredible power for good.
What do you see as the upcoming trends in socially responsible investing?
Fossil fuel free investing is a trend. Clean Yield has managed fossil fuel-free portfolios for over 30years, but the divestment movement driven by 350.org has really taken off in the last five years. And now, in his recent annual address, Governor Shumlin said Vermont should take action against climate change in 2016 by divesting public pension funds from fossil fuels.
Impact investing and community investing are also trending, driven by the JOBS Act and new State legislation that allows smaller investors to get into impact investments. Many investors, disillusioned by Wall Street, look to invest their money closer to home where they can see the impact of their money at work; the Loan Fund can be a natural fit for them.
In what ways are Vermonters unique in their investment habits and interests?
Because the working lands play such a key role in the economy of Vermont, I would say that Vermonters are uniquely focused on food, farm and forestry. One of the benefits of investing in working lands enterprises and value-added products is that you can actually taste or use or see the quality of the product you have invested in.
What brought you to Clean Yield, and to the world of socially responsible investing?
In 1997, I started grad school at the Fletcher School of Law and Diplomacy at Tufts University. I had just landed back in the US one week before school started after serving as a livestock production volunteer in the Peace Corps in Ecuador for 3 ½ years. I needed money to support myself so I applied for an internship at Trillium Asset Management. Upon graduation, I spent the next 14 years in Boston working in the field of socially responsible investing. In the fall of 2013, I saw a position open at Clean Yield Asset Management which combined my background in farming with socially responsible investing. So I can say that my career has taken me from farming to finance to financing farming.
What advice do you have for those interested in socially responsible investing?
Do your research. Think about what your core values are and where you will not compromise. When it comes to public equities it is very difficult to find a company that checks off every item on your “want list” and that passes with flying colors every item on your “do not want” list.
Since I first landed in the field of socially responsible investing almost 20 years ago, the definition of SRI has changed and evolved. Higher bars for impact are constantly being set as certain sustainability metrics become the norm. Product offerings have expanded to make SRI more accessible”¦but at the same time, it’s become more challenging, as each fund or product defines and interprets social responsibility in its own way. This is where first laying out your goals will help you find the best match ”“ one that meets both your personal values and your financial goals.
Learn more about Clean Yield Asset Management at http://www.cleanyield.com
For a glimpse of Karin speed skating, look for her in this clip of the 2012 Montreal 24-hour Skate, where she came in 3rd in the solo category! She’s pulling the pack, eleven seconds in: https://www.youtube.com/watch?v=bdRiao5SpHU&list=PLqVJYN63rAE7tT-G9rHKPWGYHyka126w7 of specialized medical and surgical devices, the Nathaniel Group used a VCLF loan to continue essential research & development and to help with their marketing. The loan preserves 15 jobs and is expected to create three new ones. nathaniel.com
Pulmac Systems International, Williston
Pulmac Systems manufactures, distributes and services precision instruments that measure quality of fibers and pulp in paper manufacturing. Their equipment is installed in mills of the country’s largest paper companies. They’ll use a VCLF line of credit to help fund their continued growth. pulmac.com
Red Brick Early Childhood Center, Shaftsbury
In the Shaftsbury area, where high-quality early care is a pressing need, two STARS-rated child care programs merged and, with VCLF financing, purchased a facility to house the new, expanded Red Brick Early Childhood Center. A second loan will now consolidate credit card debt accounts incurred during start-up. The loan preserves care for 42 children and their families, and will create availabilities for 33 new children. The loan also preserves seven jobs and is anticipated to create eight new ones.
Robbins Mountain Enterprise, Bolton
Robbin’s Mountain Enterprise, a maple sugaring operation, used a VCLF loan to make improvements to their sugar house. The loan preserves one full-time job.
Sugar Towne Wood Fired Maple Syrup, Duxbury
Sugar Towne Wood Fired Maple Syrup produces maple syrup and maple candy for retail and wholesale. They’ll use a VCLF loan to purchase a new pump and filter press, materials to install 2,000 additional taps and facility upgrades, including a concrete slab and upgraded power to the sugarhouse. The loan will help preserve one job.
Vermont Bean Crafters, Warren
Vermont Bean Crafters makes a variety of bean-based products (burgers, soups, sauces) that they sell to retail and wholesale outlets. They will use a VCLF loan to complete their relocation from Mad River Food Hub's ‘incubator’ space to the Kingsbury Farm in Warren. The move necessitates purchase of a walk-in freezer, forklift, and other inventory. The loan results in the preservation of three full-time and three part-time jobs. vermontbeancrafters.com
In the third quarter of 2015, the Loan Fund provided $790,000 in flexible, supported financing to small businesses, early education and child care programs, affordable housing developers, and community-focused organizations, supporting job creation, safe and affordable homes, high-quality early care and vital community services throughout Vermont.
Commenting on the busy lending period, VCLF Executive Director Will Belongia said “Loan after loan, quarter after quarter, year after year, VCLF's work creating access to capital continues to show great benefits for Vermont: stronger, healthier communities, new jobs, safe, affordable homes, families on the rise. The opportunities we create for all Vermonters go far beyond the dollars and cents."
Projects financed in Q3 2015 include:
Addison County Community Trust, Waltham
ACCT, nonprofit developer of affordable housing in Addison County, will use VCLF financing to support the redevelopment of a blighted mobile home park in Waltham into an affordable rental community. ACCT will remove the blighted homes, remediate soils contaminated by spilled fuel oil and build 14 high-performance zero-net energy homes; the community's siting provides easy access to services and jobs. addisontrust.org
Cobb Hill Frozen Yogurt, Hartland
Cobb Hill Frozen Yogurt produces their artisanal frozen dessert in small batches from the milk of local Jersey cows. They used a VCLF loan to purchase the batch freezer they needed to double their production. The loan preserves one full-time and one part-time job. cobbhillcheese.org/frozenyogurt
D & J Investments used VCLF funding to purchase the building they had been renting for their child care center, Dooda's Daycare, which provides quality care serving 53 children and their families, as well as eight full-time and three part-time jobs.
Fine Wooden Furniture, Mt. Tabor
Bob Gasperetti's Fine Wooden Furniture makes heirloom quality furniture for home and office, with designs inspired by the Shaker and Arts & Crafts movements. He came to VCLF to help refinance existing debt, significantly improving the businesses financing position and preserving two jobs. gasperetti.com
Greenfield Highland Beef, Plainfield and Greensboro
These producers of high-quality beef contacted VCLF through the Carrot Project for a loan to purchase a tractor and refinance existing debt. The tractor will allow them to harvest fields for hay at both of their locations in Greensboro and Plainfield, significantly reducing their feed costs. greenfieldhighlandbeef.com
Living Well Community Care Home, Burlington
With Vermont predicted soon to have the seventh-oldest population in the country, elder housing presents an urgent and rising need. Living Well Community Care Home, a nonprofit licensed level III residential care and assisted living care organization, came to VCLF for financing to cover pre-development costs in preparation of expanding their facility, increasing capacity from 36 to 47 beds. livingwellresidence.org
Manufacturers
Clean Yield Analyst and VCLF Board Member Karin Chamberlain Talks About Impact Investments and a Powerful Partnership
The year: 1983. The place: a neighborhood get-together in Stannard, where acquaintances Doug Fleer and Rian Fried came to discover their common interests in social justice, the environment and financial markets. Fried & Fleer Investments was launched not long after. F & F eventually became Clean Yield Asset Management and was soon blazing the trail in the emerging field of socially responsible investing.
The long-standing relationship between our two simpatico organizations was taken to another level when Elizabeth Glenshaw, then President of the VCLF Board of Directors, joined the Clean Yield team as their Managing Director in 2009.
In 2014, Clean Yield’s Impact and Community Investment Analyst Karin Chamberlain joined the VCLF Board herself. She’s now Board Treasurer and serves on several working groups including the Retirement Committee, Finance Committee and the Environmental Task Force. Chamberlain (also a competitive endurance speed skater; see link below) was generous enough to give us even more of her time recently to talk about the Loan Fund, Clean Yield and the growing interest in impact investing.
VCLF: Why do you think the Vermont Community Loan Fund is a popular choice for many of your clients?
KC: VCLF is the most popular impact investment among our clients and is a gateway investment for many of our clients into the field of impact investing. We recommend VCLF to our clients because of your mission, reputation and success, and the fact that many our clients live in Vermont or have close ties to Vermont.
The Loan Fund’s flexible terms, long track record, history of 100% repayment and substantial loan loss reserve make it suitable for almost any client. Over the last few years, Clean Yield client investments in VCLF have increased at a rate of over 5% a year, with a 9% jump in 2015, which pushed us across the $1 million mark in total investments in the Loan Fund. Included in that amount are three investments totaling $38,000 in your Food, Farms & Forests Fund.
What do you think is the most attractive aspect of investing with VCLF?
The real impact that VCLF has on the local economy and community. Many of our clients can actually witness the impact of their investments. When people can see, concretely, the evidence of what their money is doing, they become very excited about it. VCLF is well-regarded in the community.
Clean Yield and the Loan Fund share similar values, supporting investments in economic development that have a positive social and environmental impact. They are different in that Clean Yield is a for-profit business that also does traditional stock and bond investing (in line with the values of our clients), but philosophically we share the same core values and underlying belief that money and investments can have incredible power for good.
What do you see as the upcoming trends in socially responsible investing?
Fossil fuel free investing is a trend. Clean Yield has managed fossil fuel-free portfolios for over 30years, but the divestment movement driven by 350.org has really taken off in the last five years. And now, in his recent annual address, Governor Shumlin said Vermont should take action against climate change in 2016 by divesting public pension funds from fossil fuels.
Impact investing and community investing are also trending, driven by the JOBS Act and new State legislation that allows smaller investors to get into impact investments. Many investors, disillusioned by Wall Street, look to invest their money closer to home where they can see the impact of their money at work; the Loan Fund can be a natural fit for them.
In what ways are Vermonters unique in their investment habits and interests?
Because the working lands play such a key role in the economy of Vermont, I would say that Vermonters are uniquely focused on food, farm and forestry. One of the benefits of investing in working lands enterprises and value-added products is that you can actually taste or use or see the quality of the product you have invested in.
What brought you to Clean Yield, and to the world of socially responsible investing?
In 1997, I started grad school at the Fletcher School of Law and Diplomacy at Tufts University. I had just landed back in the US one week before school started after serving as a livestock production volunteer in the Peace Corps in Ecuador for 3 ½ years. I needed money to support myself so I applied for an internship at Trillium Asset Management. Upon graduation, I spent the next 14 years in Boston working in the field of socially responsible investing. In the fall of 2013, I saw a position open at Clean Yield Asset Management which combined my background in farming with socially responsible investing. So I can say that my career has taken me from farming to finance to financing farming.
What advice do you have for those interested in socially responsible investing?
Do your research. Think about what your core values are and where you will not compromise. When it comes to public equities it is very difficult to find a company that checks off every item on your “want list” and that passes with flying colors every item on your “do not want” list.
Since I first landed in the field of socially responsible investing almost 20 years ago, the definition of SRI has changed and evolved. Higher bars for impact are constantly being set as certain sustainability metrics become the norm. Product offerings have expanded to make SRI more accessible”¦but at the same time, it’s become more challenging, as each fund or product defines and interprets social responsibility in its own way. This is where first laying out your goals will help you find the best match ”“ one that meets both your personal values and your financial goals.
Learn more about Clean Yield Asset Management at http://www.cleanyield.com
For a glimpse of Karin speed skating, look for her in this clip of the 2012 Montreal 24-hour Skate, where she came in 3rd in the solo category! She’s pulling the pack, eleven seconds in: https://www.youtube.com/watch?v=bdRiao5SpHU&list=PLqVJYN63rAE7tT-G9rHKPWGYHyka126w7 of specialized medical and surgical devices, the Nathaniel Group used a VCLF loan to continue essential research & development and to help with their marketing. The loan preserves 15 jobs and is expected to create three new ones. nathaniel.com
Pulmac Systems International, Williston
Pulmac Systems manufactures, distributes and services precision instruments that measure quality of fibers and pulp in paper manufacturing. Their equipment is installed in mills of the country’s largest paper companies. They’ll use a VCLF line of credit to help fund their continued growth. pulmac.com
Red Brick Early Childhood Center, Shaftsbury
In the Shaftsbury area, where high-quality early care is a pressing need, two STARS-rated child care programs merged and, with VCLF financing, purchased a facility to house the new, expanded Red Brick Early Childhood Center. A second loan will now consolidate credit card debt accounts incurred during start-up. The loan preserves care for 42 children and their families, and will create availabilities for 33 new children. The loan also preserves seven jobs and is anticipated to create eight new ones.
Robbins Mountain Enterprise, Bolton
Robbin’s Mountain Enterprise, a maple sugaring operation, used a VCLF loan to make improvements to their sugar house. The loan preserves one full-time job.
Sugar Towne Wood Fired Maple Syrup, Duxbury
Sugar Towne Wood Fired Maple Syrup produces maple syrup and maple candy for retail and wholesale. They’ll use a VCLF loan to purchase a new pump and filter press, materials to install 2,000 additional taps and facility upgrades, including a concrete slab and upgraded power to the sugarhouse. The loan will help preserve one job.
Vermont Bean Crafters, Warren
Vermont Bean Crafters makes a variety of bean-based products (burgers, soups, sauces) that they sell to retail and wholesale outlets. They will use a VCLF loan to complete their relocation from Mad River Food Hub's ‘incubator’ space to the Kingsbury Farm in Warren. The move necessitates purchase of a walk-in freezer, forklift, and other inventory. The loan results in the preservation of three full-time and three part-time jobs. vermontbeancrafters.com