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.
Lending Limits
Minimum loan is $2,500 and maximum is $50,000 (in special circumstances this may
be waived).
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.
