VCLF Lends $1.58 Million in 4th Quarter 2021
In the fourth quarter of 2021, the Vermont Community Loan Fund loaned $1.58 million to Vermont's small businesses, early care & learning programs and developers of affordable housing, supporting Vermont jobs, high-quality child care and safe, affordable homes for Vermont families.
Financing was provided to:
Beaver Brook Children’s School, Wilmington
The little town of Wilmington had never had its own child care center, so when early care & learning professional Julie Koehler found the ideal location for a much-needed preschool program in Wilmington’s former high school building, she jumped at the chance, launching Beaver Brook Children’s School. She used VCLF financing as a bridge loan to cover payroll and operating costs while awaiting payment from supervisory unions for Universal Pre-K services. The loan helped preserve 30 child care slots and 10 jobs. beaverbrookschool.com
BGP, St. Johnsbury
Brandyn Gadapee applied to VCLF for financing to renovate a St. Johnsbury property to be leased by Community Restorative Justice Center (CRJC). CRJC serves individuals transitioning from incarceration, helpingfacilitate their reintegration into the community teaching new skills and helping with housing and other “wrap-around” support services. VCLF financing helped cover costs of a new roof, electrical system, windows and more, helping create three new transitional homes and one job.
David’s Snow Removal, Lyndonville
David Bundrage, a veteran of the US Armed Forces, started a residential snow & ice removal business in Lyndonville…an ideal location for such a business with its 84-96 inches of average annual snowfall! He used a VCLF loan to help finance purchase of a snow blower, a trailer with a hitch, a storage shed, and other supplies. The loan created one job.
Hollister Hill Farm, Marshfield
Hollister Hill Farm was for many years owned by the Light family, longtime VCLF borrowers. In 2021, they retired and sold the farm to Neil and Catherine Dunlop. Hollister Hill encompasses 205 acres including the B&B/farmhouse, several barns, a sugarhouse and extensive gardens. The farm business includes dairy cows, beef cattle, pigs, chickens, donkeys, goats, turkeys, maple, and fruit & vegetable production. The Dunlops used VCLF financing for on-farm improvements including weather-proofing, new refrigeration for market store products, updated signage and more. The loan helped preserve three jobs. facebook.com/hollisterhillfarmbnb
Mary Elizabeth Center
& Preschool, Cambridge
When the rental property where Crystal Porter had operated the Mary Elizabeth Center & Preschool for 11 years was put up for sale, the price was well beyond her budget. Undeterred, Crystal pursued plans to move the program to her nearby 96-acre farm property. She used VCLF financing to help cover costs of installing a new yurt classroom, and related infrastructure costs including septic, water and electrical systems. In addition to the 15 childcare slots preserved by the program’s move, 20 new slots were created; two jobs were preserved and two new ones were created, as well. maryelizabethpreschool.org
RuralEdge, Brightlook Apartments, St. Johnsbury
When St. Johnsbury’s grand, landmark Brightlook Apartments building came on the market recently, affordable housing advocates were concerned that a for-profit developer would convert it into high-end condominiums, displacing many of the low-income and senior tenants already calling them home. Nonprofit, which creates and preserves affordable housing for low-income individuals and families in the Northeast Kingdom, stepped in, securing VCLF financing to purchase the property. The loan preserves 18 affordable homes and created 22 construction jobs. ruraledge.org
Soulmate Brewing, Morrisville
Jonathan Mogor, a veteran of the US Armed Forces, and his wife Carol started Soulmate Brewing craft brewery and taproom in Morrisville on a stretch of Route 100 popular with craft beer enthusiasts from Vermont and beyond. Soulmate is one of seven tenants in the newly renovated building which also houses their new partner, Grazers restaurant, plus five additional Vermont artisanal food & beverage businesses. Soulmate used VCLF financing to cover equipment purchases and building improvements for their space in this new location. The loan created eight new jobs.
VCLF Lends $1.58 Million in 4th Quarter 2021
In the fourth quarter of 2021, the Vermont Community Loan Fund loaned $1.58 million to Vermont's small businesses, early care & learning programs and developers of affordable housing, supporting Vermont jobs, high-quality child care and safe, affordable homes for Vermont families.
Financing was provided to:
Beaver Brook Children’s School, Wilmington
The little town of Wilmington had never had its own child care center, so when early care & learning professional Julie Koehler found the ideal location for a much-needed preschool program in Wilmington’s former high school building, she jumped at the chance, launching Beaver Brook Children’s School. She used VCLF financing as a bridge loan to cover payroll and operating costs while awaiting payment from supervisory unions for Universal Pre-K services. The loan helped preserve 30 child care slots and 10 jobs. beaverbrookschool.com
BGP, St. Johnsbury
Brandyn Gadapee applied to VCLF for financing to renovate a St. Johnsbury property to be leased by Community Restorative Justice Center (CRJC). CRJC serves individuals transitioning from incarceration, helpingfacilitate their reintegration into the community teaching new skills and helping with housing and other “wrap-around” support services. VCLF financing helped cover costs of a new roof, electrical system, windows and more, helping create three new transitional homes and one job.
David’s Snow Removal, Lyndonville
David Bundrage, a veteran of the US Armed Forces, started a residential snow & ice removal business in Lyndonville…an ideal location for such a business with its 84-96 inches of average annual snowfall! He used a VCLF loan to help finance purchase of a snow blower, a trailer with a hitch, a storage shed, and other supplies. The loan created one job.
Hollister Hill Farm, Marshfield
Hollister Hill Farm was for many years owned by the Light family, longtime VCLF borrowers. In 2021, they retired and sold the farm to Neil and Catherine Dunlop. Hollister Hill encompasses 205 acres including the B&B/farmhouse, several barns, a sugarhouse and extensive gardens. The farm business includes dairy cows, beef cattle, pigs, chickens, donkeys, goats, turkeys, maple, and fruit & vegetable production. The Dunlops used VCLF financing for on-farm improvements including weather-proofing, new refrigeration for market store products, updated signage and more. The loan helped preserve three jobs. facebook.com/hollisterhillfarmbnb
Mary Elizabeth Center
& Preschool, Cambridge
When the rental property where Crystal Porter had operated the Mary Elizabeth Center & Preschool for 11 years was put up for sale, the price was well beyond her budget. Undeterred, Crystal pursued plans to move the program to her nearby 96-acre farm property. She used VCLF financing to help cover costs of installing a new yurt classroom, and related infrastructure costs including septic, water and electrical systems. In addition to the 15 childcare slots preserved by the program’s move, 20 new slots were created; two jobs were preserved and two new ones were created, as well. maryelizabethpreschool.org
RuralEdge, Brightlook Apartments, St. Johnsbury
When St. Johnsbury’s grand, landmark Brightlook Apartments building came on the market recently, affordable housing advocates were concerned that a for-profit developer would convert it into high-end condominiums, displacing many of the low-income and senior tenants already calling them home. Nonprofit, which creates and preserves affordable housing for low-income individuals and families in the Northeast Kingdom, stepped in, securing VCLF financing to purchase the property. The loan preserves 18 affordable homes and created 22 construction jobs. ruraledge.org
Soulmate Brewing, Morrisville
Jonathan Mogor, a veteran of the US Armed Forces, and his wife Carol started Soulmate Brewing craft brewery and taproom in Morrisville on a stretch of Route 100 popular with craft beer enthusiasts from Vermont and beyond. Soulmate is one of seven tenants in the newly renovated building which also houses their new partner, Grazers restaurant, plus five additional Vermont artisanal food & beverage businesses. Soulmate used VCLF financing to cover equipment purchases and building improvements for their space in this new location. The loan created eight new jobs.