BDCC Introduces Loan Program
FOR IMMEDIATE RELEASE
November 29, 2017
R.T. Hamilton Brown, Brattleboro Development Credit Corporation
rbrown (at) brattleborodevelopment.com | 802-257-7731 (221)
www.brattleborodevelopment.com
BDCC Introduces Southern Vermont Loan Program
A Microentrepreneur Loan Program for Small Businesses
The Brattleboro Development Credit Corporation has launched a new program called the Southern Vermont Microentrepreneur Loan Program. The purpose of the program is to provide access to capital to businesses that are not eligible for traditional financing. “Early stage firms need low fixed costs and access to capital,” says R.T. Brown, BDCC’s Head Instigator. “Not all projects can fit an underwriting and credit mold and it’s our job in economic development to find solutions for the region that can help drive small business growth.”
The program is funded through the USDA as a revolving loan as well as a grant. The grant provides technical assistance to businesses who are either current borrowers or trying to access the program. “We see the grant as the most important part of this program. Businesses can get services through the grant that are often fee-based,” says Adam Grinold, BDCC’s Executive Director. “We can surround these businesses with the support they need as they grow or transition. It’s important to remember that small businesses need capital at many stages throughout their lifecycle; this isn’t just for new businesses,” Grinold continued.
The program is designed to support businesses in Windham and Bennington counties with ten or fewer employees and loan amounts between $2,500.00 and $50,000.00. “People should feel comfortable inquiring about this program. Not all projects will meet the eligibility requirements, but our job is to help projects find the right resources. Often, business owners have a hard time asking for help, well, that’s why we are here and we don’t judge,” says Brown.
“Our partners are the region’s local lenders. We’ve already had a Windham County lender event and next up will be one in Bennington County. Our goal is to get these businesses ready so that they don’t need this program and can go directly to our local lenders for their financing needs,” says Grinold.
This program is part of a developing suite of services and programs at the BDCC focused on small and emerging businesses. More details can be found at https://www.brattleborodevelopment.com/loans, http://www.brattleborodeveloment.com/instig8, or contact R.T. Brown, rbrown@brattleborodevelopment.com to schedule an appointment.
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About BDCC and SeVEDS:
The Brattleboro Development Credit Corporation is a private, nonprofit economic development organization that serves as a catalyst for industrial and commercial growth throughout Southeastern Vermont, including Windham County and the towns of Readsboro, Searsburg, and Weston. BDCC serves as the State of Vermont’s certified Regional Development Corporation (RDC) for the greater Windham County area. BDCC is one of 12 RDCs throughout Vermont.
For more information visit: https://brattleborodevelopment.com/
Southeastern Vermont Economic Development Strategies (SeVEDS) is an affiliate of BDCC that grew from a 2008 grassroots effort, initiated by BDCC, to reverse the economic decline of the Windham Region and plan for the economic impacts from the closure of the Vermont Yankee nuclear power plant. In 2014, after multiple years of regional input, education and data gathering, SeVEDS submitted the Windham Region’s federally recognized S.M.A.R.T. Comprehensive Economic Development Strategy for federal approval. For more information visit: www.seveds.com.