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Alternative Business Loan Fund Recieves Department of Treasury Grant

first_imgCommunity Capital is one of 41 organizations nationwide to recieve a Technical Assistance Award from the U.S. Department of Treasury’s CDFI Fund. CDFIs – Community Development Financial institutions – are specialized organizations that respond to financial gaps in their local markets.Totaling $50,000, this grant will be used by Community Capital over the next two years to fund a variety of activities that will improve Community Capital’s ability to offer flexible and affordable financing and technical assistance to new and growing businesses that do not yet have access to traditional bank financing.Specific activities include: a tri-county market assessment for Orange, Lamoille, and Washington counties to identify unmet demand for alternative commercial financing, an internal organizational assessment conducted by CDFI industry leaders, board and staff training, strategic planning, and technology upgrades.Founded in 1995 as the Central Vermont Revolving Loan Fund, Community Capital has lent over $1.5 million in flexible and affordable loans to 58 micro and small businesses that are not yet able to qualify for a traditional bank loan. Almost half of those businesses have in turn benefited from over 1,000 hours of specialized post-loan business counseling, a unique program available only to borrowers of Community Capital.Other funding for Community Capital comes from the U.S. Department of Agriculture, the Vermont Community Development Program, and a variety of local bank and other private donations. For more information, contact Emily Kaminsky at 802-479-1053, ext. 263. Or, visit our website at www.cvcapital.org(link is external). Community Capital is a partner of Central Vermont Community Action Council.last_img read more