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Vermont saw a Big Demand for Microloans in 2013.

Nationwide there is growing demand for small business loans. Some of these are financed through Crowd Funding. In Vermont, the Small Business Administration (SBA) has established a strong program of micro loans, working with entrepreneurs to help them start their own businesses. In 2013, the loans granted exceeded the amount given in the previous two years. A total of $688,000 was loaned to a variety of businesses. Each loan was for a six year period, with a maximum amount of $50,000 for each loan. The program produced 120 new jobs in Vermont.

Funding of these loans is unique in that they are processed through three non-profit community based organizations called “intermediaries.” They are the Community Capital of Vermont in Barre, Vermont Community Loan Fund in Montpelier and Northern Community Investment Corp. in St. Johnsbury.

80% of the loans were for start-up companies. If needed, the “intermediaries” will provide technical services for financial management, marketing and inventory management.

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