SPROUT Financing For VT Farmers & Working Lands Entrepreneurs
The Vermont Community Loan Fund (VCLF) has announced the second round of SPROUT, a low-interest loan program for emerging working lands entrepreneurs. This financing program was created to meet the capital needs of VT farms, food producers & processors, foresters, forest products businesses and others in the start-up & early stages of operations. Loan applications are now being accepted.
SPROUT received start-up support from the State of VT’s Working Lands Enterprise Initiative (WLEI) in 2016. Since launching in 2016, SPROUT has loaned almost $400,000 to eleven entrepreneurs around the state. Earlier this year, a second round of subsidy from WLEI helped to make another round of SPROUT financing possible.
SPROUT offers low-interest loans of up to $60,000, with 1% interest-only payments in the first two years, and a 2% fixed rate thereafter. The Loan Fund’s Business Resource Center also coordinates assistance with business development and financial planning tailored to meet borrowers’ unique needs, free-of-charge.
To learn more about SPROUT go to: https://www.investinvermont.org/borrowers/business/sprout.html or contact Dan Winslow at (802) 224-9144 or firstname.lastname@example.org.
Since 1987, the Vermont Community Loan Fund (VCLF) has loaned almost $106 million to local businesses, affordable housing developers and community-based organizations that has created or preserved 6,100 jobs; built or rehabilitated 4,000 affordable homes; created or preserved quality care for over 4,000 children and their families; and supported community organizations providing vital services to hundreds of thousands of Vermonters. To learn more go to: investinvermont.org