Randy Rice

Vision / Mission

The Vermont Community Loan Fund (VCLF) is a Community Development Financial Institution that provides loans, technical assistance and support for the development of affordable housing, community facilities, local businesses, childcare programs and other projects that benefit low- and moderate-income Vermonters. Their mission is to strengthen Vermont by providing equitable access to capital for affordable housing, community facilities and small businesses.

History

VCLF was formed in 1987 to address the lack of affordable housing in central Vermont. VCLF’s first loan, just over $5,000, was made to the Brattleboro Area Community Land Trust in 1988. In 1991, VCLF began lending to nonprofits and in 1995, it began to lend to small businesses.

In 2000, VCLF launched its childcare lending program, an agritourism loan fund and a down payment program for mobile home ownership. In 2003, VCLF began providing direct technical assistance services to childcare providers.

Impact

Since its founding in 1987, VCLF has provided over $45 million through 539 loans, creating or retaining 1,059 jobs, 2,294 affordable housing units, and 1,379 childcare slots in Vermont. Currently VCLF has over $21 million under management. It expects to lend $7.9 million in 2008.

VCLF’s lending programs include:

Child Care Lending

The need for childcare in Vermont currently outpaces its availability by nearly 50 percent. Now in its seventh year of childcare lending, VCLF recognizes the unique challenges in financing the startup or improvement of childcare programs. VCLF provides financing and technical assistance to both home- and center-based childcare providers. Loans are used by providers to achieve professional standards, meet state regulatory and ADA-accessibility requirements, increase staffing or capacity for service, and purchase necessary equipment.

Nonprofit Lending

VCLF has a long history of working with community nonprofits to help them finance essential facilities. Borrowers include health, community and educational centers, eldercare facilities, and libraries. VCLF has made loans for real estate acquisition, construction, rehabilitation, bridge financing, lines of credit and equipment purchase.

Small Business Lending

VCLF strives to create (and save) livable-wage jobs through business development. They finance local businesses, ranging from production agriculture and agritourism to manufacturing facilities, retail stores and restaurants. This lending provides a benefit to lower-income Vermonters through improved employment opportunities and healthier working communities.

Affordable Housing

VCLF offers financing for single- and multi-family housing and mobile home parks. VCLF can also provide financing for the purchase of mobile homes in nonprofit-owned parks and to private landlords for the safe rehabilitation of affordable rental properties.

Investing with VCLF

On behalf of our clients, Trillium Asset Management Corporation (”Trillium”) made its first investment with VCLF in 1997. Currently, our clients have $300,000 invested in VCLF promissory notes. On our client’s behalf, Trillium will make investments in VCLF of at least $5,000 for a minimum term of two years.

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