- Available to agricultural, manufacturing, commercial and service businesses, including start-ups and small businesses.
- Preference given to businesses that exhibit value-added, technology, innovation or growth orientation.
- Borrowers must be at least 51% US Citizens or legal residents.
- The business must be located in, or moving to, Lamoille County, Vermont.
- Minimum loan is $2,500 and maximum is $50,000 (in special circumstances this may
- Maximum loan is 25% of total project cost
(may be waived in certain cases).
Rates and Terms
- Interest rates for loans from $2,500 to $10,000 are set at WSJ Prime +3%.
- Interest rates for loans from $10,001 to $50,000 are set at WSJ Prime + 1%.
- Term shall be from three to five years. For loans greater than $10,001 longer
amoritzations shall be allowable depending on the useful life of the asset being financed. Balloon payments at the end of five years are preferred.
Loan Loss Reserve
- For loans from $2,500 to $10,000 the applicant will be charged a Loan Loss Reserve fee of 5% of the approved loan amount, which may be financed.
- For loans greater than $10,000 the applicant will be charged a Loan Loss Reserve fee of 3% of the approved loan amount, which may be financed.