The Vermont treasurer’s office announced Monday it would work with a nonprofit organization to double the amount of money it invests in the local economy.
The treasurer is partnering with the Vermont Community Loan Fund, based in Montpelier, to increase the amount the two parties can lend through the organization’s Food, Farm and Forest Fund.
The loan program makes capital available to companies, especially small businesses, investing in local foods, farming, forestry and affordable housing.
“Investing in Vermont is a good deal for taxpayers,” State Treasurer Beth Pearce said in a news release. “By stimulating local economic development, we create jobs and vibrant communities.”
“VCLF has a proven track record of helping support our farm and forest product sectors,” Pearce said. “By doubling our lending capacity agreement, we strengthen our state’s commitment to food, farm and forest product entrepreneurs.”
The treasurer’s office says it has worked with the Vermont Community Loan Fund since 2004. In 2013, it increased the available capital from $200,000 to $500,000. In 2016, Pearce secured authorization for $1 million in capital from the Legislature.
The treasurer’s office says the program has so far created or preserved 53 jobs in Vermont, created or improved homes for 38 families, and supported services for 154 children and their families.
Will Belongia, executive director of the Vermont Community Loan Fund, commended Pearce’s work to secure the $1 million. “With this new investment, the state is acknowledging that Vermont’s working lands entrepreneurs are the heart of our state’s economy and future growth,” Belongia said in a news release.
