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802-479-0167
Fax: 802-479-2867
P.O. Box 342
107 N. Main Street, Suite 7
Barre, VT 05641
E:mail: info
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Images Courtesy of
Image Relay |
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Images Courtesy of
Image Relay
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Community Capital of Vermont November 2007 E-Newsletter
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An Alternative Financing Source
for Vermont Entrepreneurs
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In This Issue
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Board Member Websites
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Greetings!
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From Emily Kaminsky, Director
This Fall we celebrate Community Capital's 10th year of lending. In that time, we have made loans to just over 100 entrepreneurs. Half of those loans have been made in just the last 3 years! We plan to double our impact over the next 5 years by serving 200 entrepreneurs! To inspire us through these next five years and beyond, Community Capital's Board of Directors has just approved a new mission statement:
"To be an effective, sustainable source of capital and business development services that supports the successful start-up and growth of Vermont-based micro and small businesses owned by individuals who lack sufficient access to conventional sources of financing."
This issue, our Quick Links section at left include links to some of the websites of our board member entrepreneurs. One of our goals as an organization is to have a broad representation of entrepreneurs on our board. If you know of any entrepreneurs around the State who are committed to supporting entrepreneurship and would be a good board member, please contact me at [email protected].
Articles this month include:
- Welcome New Board Member - Paul Denton
- Community Capital Impacts - Recent Evaluation Report Illustrates Community Capital's Impact on Entrepreneurs
- Robin Chase - Thanking a True Community Capitalist for 10 years of Board Service
- Bill Farr - Post-Loan Technical Assistance Consultant Extraordinaire
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We are excited to welcome Paul Denton, Executive Director of North East Kingdom Community Action, to Community Capital's Board of Directors.
Paul is former President of Northern Community Investment Corporation, former Director of Vermont Economic Development Authority and former, and former Director of the New Hampshire Community Development Finance Authority.
He has extensive experience with Community Development Financial Institutions (CDFI), having gotten NCIC certified as a CDFI, obtaining several grant awards amounting to more than $1.3 million, and is the only person in Vermont and New Hampshire to have written a successful New Markets Tax Credit application. He also has a wide range of other community development and business experience. Paul's skills, experience, and passion for entrepreneurship will surely serve Community Capital well! Welcome, Paul!
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Over the last two years, Community Capital has undergone a "process" and "impact" evaluation conducted by the University of Vermont's Center for Rural Studies. The evaluation includes the following activities:
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ongoing borrower six-month post-loan surveys
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ongoing borrower annual post-loan surveys
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surveys of inquiries and applicants who did not follow through with a complete application for financing
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key partner focus groups
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regional loan committee focus groups
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staff focus groups
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borrower focus groups (to be completed in 2008)
The following are some of the results of the most recent evaluation report:
- On average, 2.3 owner and employee jobs are created per Community Capital client
- Part-time employees are hired at an average hourly rate of $12.25/hour and full-time employees at an average hourly rate of $13.00/hour
- Almost three-quarters of clients indicated that their cash flow has somewhat to greatly improved since they received their loan
- 96% of clients stated that they are "better off today" because of their loan through Community Capital.
- 79% of clients have been able to achieve the goals they set out to achieve when they started their business
- The top five skill development and life changes gained as a result of accessing Community Capital services include: marketing and sales, improved business operations and efficiencies, feeling more motivated and encouraged, improved self-esteem and confidence, and improved personal outlook
- The following top responses regarding Community Capital's strengths were: positive and affirming staff, supportive staff, one-on-one attention, and knowledgeable staff
- When asked what Community Capital should change, 60% said "nothing". The top three issues that were reported by the other 40% were: the loan process took too long, interest rate was too high, and conditions under which the loan would be granted did not work for the client
- On a scale of 0 to 10 with 0 being completely dissatisfied and 10 being completely satisfied, client ratings averaged an 8 for the overall loan process and 8.7 for the assistance from a private consultant
- 100% of respondents agreed or strongly agreed that having access to a Community Capital loan and a private consultant aided in the success of their business
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 For the past ten years, Robin Chase - owner of Maple Corner Woodworks in Calais - has been a committed and enthusiastic member of Community Capital's Board of Directors. He has served as President, a member of the Finance/Resource Development Committee, a member of the Marketing Committee, and member as well as chair of the Central Vermont Regional Loan Committee.
With his own business taking off in leaps and bounds, Robin has decided its time to leave the Community Capital Board of Directors. We cannot let him leave without sending him a very big "THANK YOU"!
Board President Bob Fairbanks had this to say about Robin and his board service: "Robin brought all the assets needed as a board member to the table: being an entrepreneur, he understood the needs, risks and obligations facing the small entrepreneur; he understands the community and is committed to it and was willing to contribute significant time to the work of Community Capital. He will be missed."
In the November issue of the Vermont Business Magazine, you'll see a public thank you to Robin Chase who we consider a true Community Capitalist! Many thanks to you, Robin, for all of your service!
Click here to visit Maple Corner Woodworks website...
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If you have news that you would like featured in any of our upcoming e-newsletters, please contact me at 802-479-0167 or [email protected]. Until next time...
Sincerely,
Emily Kaminsky , Community Capital of Vermont
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