BDCC Receiving SBA Funds To Lend To Small Businesses in Southern Vermont
MONTPELIER, Vt. – The Brattleboro Development Credit Corporation was recently selected to be a U.S. Small Business Administration microloan intermediary. BDCC has received a commitment of $350,000 that will be borrowed from the SBA in order to lend to small businesses throughout southern Vermont.
BDCC is only the third SBA microloan lender in the state of Vermont, along with Community Capital of Vermont in Barre and Vermont Community Loan Fund in Montpelier. It will primarily serve the southernmost counties, providing direct loans up to $50,000 to small businesses. The average microloan in the U.S. is about $13,000.
The Brattleboro Development Credit Corporation is a private nonprofit economic development organization that serves to drive industrial and commercial growth throughout southern Vermont. BDCC is one of 12 Regional Development Corporations providing economic development services to each region of Vermont. The new SBA lending is part of BDCC’s efforts to expand the portfolio of financial products available to borrowers who need alternatives or supplements to traditional commercial loan products available through private lenders.
“The SBA is very pleased to welcome BDCC as its newest lender. This partnership will help increase access to loans for startups and underserved communities with reasonable rates and terms,” said Darcy Carter, SBA Vermont District Office Director. “BDCC will provide pre and post loan advising to the applicants and borrowers, improving the businesses’ opportunities for successful growth. The beauty of the SBA microloan program is that extra assistance on the part of the microlender which understands the needs of startups and microbusinesses.”
Microloan intermediaries are nonprofit community-based organizations with experience in lending and technical assistance. BDCC also provides loans through the U.S. Department of Agriculture’s Rural Microentrepreneur Assistance Program, through the Windham County Economic Development Program, and through KIVA as part of BDCC’s partnership with Rural LISC – Local Initiatives Support Corporation.
As a microloan intermediary, BDCC serves as a steppingstone for entrepreneurs, helping them build sales, experience and credit to become successful and bankable businesses. Microloans can be used for working capital, inventory, furnishings, equipment and more. The maximum repayment term allowed for an SBA microloan is six years. Since 2011, microlenders have funded $688 million to over 50,000 businesses throughout the nation. There about 150 active microlenders throughout the country.
For more information about BDCC lending, call 802-257-7731 or visit https://brattleborodevelopment.com/.
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Press Contact:
Adam Grinold, Executive Director
Brattleboro Development Credit Corporation
(802) 257-7731
agrinold@brattleborodevelopment.com
www.brattleborodevelopment.com
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
About the Brattleboro Development Credit Corporation.
BDCC 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, Winhall 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. This BDCC activity was made possible in part by a grant from the State of Vermont through the Agency of Commerce and Community Development. For more information visit: https://brattleborodevelopment.com/
