Eligibility Guidelines:

All applicants must meet all of the following eligibility requirements to apply for a loan.

  • The applicant is a United States citizen or carries the status of permanent resident alien; individuals with refugee status and who present government documentation confirming such status are also eligible to apply; and
  • The applicant is eighteen (18) years old or older; and
  • The applicant has insufficient access to conventional sources of credit.  “Insufficient access” means, either that a lending institution refused to approve a loan for the proposal submitted to Community Capital OR that the lending institution approved the loan, but with terms and conditions that would seriously jeopardize the proposal’s success or the applicant’s financial stability, OR that the lending institution approved a loan that only meets a portion of the applicant’s need for capitalization.  Community Capital staff may also determine that an applicant has “insufficient access” to conventional sources of credit based on a client interview that determines that the applicant’s personal financial situation and/or business proposal will most likely disqualify them for a bank loan; and
  • The business and the applicant are in good standing with respect to, or in full compliance with a plan to pay, any and all federal, state, and local taxes and are current on any student loans to the government; and
  • The applicant business is any private corporation, partnership, cooperative, or proprietorship which is classified as a small business by the US Small Business Administration (classified by SIC code by number of employees or amount of annual receipts defined in the April 7, 1994 Federal Register, pp. 16513?37); and
  • The applicant business is located in or relocating to Vermont. Businesses relocating out of Vermont are not eligible; and
  • With the exception of lending institutions and gambling institutions, no particular type of business is excluded from financing under these policies; and
  • The proposed or existing business operates with the necessary municipal, state, and federal permits; and
  • The business has a history of compliance with regulations and permits; and
  • The business can demonstrate site control; and
  • The business is compatible with the plan of the municipality in which it is located; and
  • The business does not otherwise place unusually high demands on municipal services; and
  • The business must have an acceptable business plan; and
  • The applicant business should draw at least fifty percent (50%) of its employees from Vermont.