Vermont community loan fund announces $2 million loan from Bank of America

At a press conference on Thursday May 24th 2018, Governor Phil Scott was joined by the Vermont Community Loan Fund, where they announced a $2 million loan from Bank of America. This loan will enable flexible financing and other services to Vermont’s small businesses, nonprofits and community facilities, as well as affordable housing developers, early care and learning programs.

“We’re honored that Bank of America is investing in the Vermont Community Loan Fund, working with us to improve the lives of vulnerable Vermonters, strengthening communities across our state,” said Loan Fund Executive Director Will Belongia. “The capital investment will bring tremendous impact and opportunity to the work we do,” he added.

Vermont Community Loan Fund will lend the Bank of America loan proceeds to Vermont businesses and organizations, creating employment for Vermonters, and safe, affordable homes and/or high-quality early care and learning opportunities for children and families.

“We’re committed to delivering financial solutions to support individuals, business owners and economic development programs. Our work with the Vermont Community Loan Fund is one way we do that,” said Philip Smith, senior vice president of business banking, Bank of America Merrill Lynch. “No matter the goal in life or business, our clients expect us to deliver financial wellness aligned with their priorities. We’re prepared to help them achieve those goals, including the great outcomes that this investment coupled with the outstanding work of VCLF.”

The investment was announced at the Burlington offices of Mamava, the innovative designer and manufacturer of portable lactation suites for working mothers who breastfeed and pump on the go.

“With the goal of helping Vermont businesses and organizations create jobs for Vermonters, increase availability of affordable homes, and support educational opportunities for our kids, this initiative aligns well with my Administrations focus on growing the economy, making Vermont more affordable and protecting the most vulnerable,” said Governor Phil Scott. “I want to thank Bank of America and the Vermont Community Loan Fund for their commitment to supporting Vermont organizations. I look forward to seeing the projects made possible by these investments.”

A rising Vermont enterprise, and recent multiple-award-winner from both the U.S. and Vermont Small Business Administration, Mamava recently received VCLF financing to help expand their production.

Speaking of the Loan Fund’s role in her company’s growth, Mamava CEO and Co-Founder Sascha Mayer commented: “The Vermont Community Loan Fund was there for us at a critical point. We were growing rapidly, we had already tapped into a line of credit and paid it back and needed new resources. The Loan Fund helped make this possible.”


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