Helping our economy grow by developing tools and providing business assistance is the core of Vermont’s economic development plan. Putting this assistance together to benefit low-to-moderate income residents is what Lamoille Economic Development Corporation (LEDC) has done with the announcement of a half-million dollars in available funding.
Growing businesses often need financing beyond what their primary bank is able to lend them. Small businesses may need loans too small for banks to find profitable. LEDC has developed a source of funding for these businesses in Lamoille County and those looking to move to Lamoille County. Announcing: the expansion of the Lamoille County Revolving Loan Fund.
LEDC created the Lamoille County Revolving Loan Fund for the purpose of providing meaningful economic development to the residents of Lamoille County. To achieve this mission, the Lamoille County Revolving Loan Fund is intended to supplement existing or private sources of funding for small and medium sized businesses whose economic activity has a direct benefit to low-to-moderate income residents.
Loans through the Lamoille County Revolving Loan Fund range from micro loans starting at $2,500 to small business loans with a maximum of $50,000. Funding is available to agricultural, manufacturing, commercial and service businesses, including start-ups and small businesses. Preference is given to businesses that exhibit value-added technology, innovation or growth orientation.
This fund is yet another benefit for businesses in Lamoille County, or moving to Lamoille County, that LEDC offers. A variety of free resources are also available including but are not limited to; business planning, marketing planning, advertising and branding advice, public relations and press release advice, some website and graphic design assistance, and a variety of workshops intended to help local businesses and entrepreneurs.
These programs manifest LEDC’s Mission; “To strengthen the county’s economy through facilitating the creation and expansion of jobs and businesses and investing for the prosperity of Lamoille County communities.”