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Vermont Community Loan Fund Lends $384,807 in Q3 2020

In the third quarter of 2020, Vermont Community Loan Fund, a 501 (c) 3 nonprofit, mission-driven, alternative lender, provided financing to:

Butterfly Bakery of Vermont, Montpelier Crafter of artisanal baked goods, condiments and hot sauces, Butterfly Bakery of Vermont first came to VCLF in 2017 for financing to purchase a new stove and other production equipment. BBV again approached the Loan Fund earlier this year for help financing a larger manufacturing facility to keep pace with their recent growth. The loan preserves 10 full-time and 10 part-time jobs, with three more full-time and six temporary positions planned.

Calabash Gardens, Wells River After years of running farms with diversified crops, Calabash Gardens’ owners purchased their 51-acre property in 2018 to cultivate saffron, the much-prized culinary spice derived from crocus flowers. While saffron has traditionally been sourced from abroad, the rise in demand for local foods has led to increased interest in domestically-grown saffron, and Vermont has been recognized as well-suited for its cultivation. Calabash has established relationships with high-profile restaurants, distributors and gourmet shops throughout the Northeast. They’ll use VCLF financing to purchase organic saffron bulbs. The loan preserves two full-time jobs, with four new seasonal jobs anticipated.

Green & Gold CSA, Sudbury Paige Wener grows organic vegetables and raises laying hens, selling via farmers’ markets, wholesale accounts and through the CSA (Community Supported Agriculture) program she runs from her 55-acre farm. Having recently acquired this land, Paige used a VCLF loan to help finance out-building construction, new equipment, tools, and other infrastructure. The loan preserves one full-time job, with two additional jobs to be created by 2021.

Some Dude’s Compost Company, South Burlington With Vermont’s new Universal Recycling and Compost Law now in place, Some Dude’s Compost Company began operations offering curbside compost pick-up services throughout Chittenden County. When owner Isaac Colby’s client base quickly jumped by 300%, he came to VCLF for a loan to purchase a high-walled trailer, replacing a smaller vehicle and allowing for increased hauling capacity. The loan preserves one full-time job, with the creation of another full-time job expected.