The Business Builder Loan program was launched in June 2012. Originally named, Innovation, this loan program supports Vermont farms and food producers and those who directly support the growing of the VT food system. The loans are for businesses to invest and innovate for growth, increasing the availability of local foods in Vermont.
Business Builder loans are available from $5,000 to $30,000. These loans are available at 3% amortized interest, to be repaid over a period of 24 to 48 months, based on the size of the loan. Businesses should have at least two years of operating history and a minimum of $20,000 a year in revenues for smaller loans. Larger loans are reserved for well-established businesses with a successful track record and a strong credit history.
Business Builder loans are exclusively for Vermont farmers, those who own a Vermont food-related business whose primary inputs are Vermont farm products and those who support Vermont farmers. We focus on small and midscale producers that are trying to build their businesses, and larger enterprises that are working on smaller, innovative projects and pilot business ventures.
Examples of uses of a Business Builder Loan include:
Applications are reviewed and responded to within 10 business days, with most loan funds being granted to approved recipients within 14 business days.
Find out How to ApplyPhoto courtesy of Two Guys in Vermont.
Started in response to the devastation our Vermont farms suffered at the hands of Tropical Storm Irene, the VFF seeks to minimize the hurdles to secure a loan and receive funds to begin the recovery process. The maximum Emergency Loan amount is currently $10,000. This is a zero percent interest loan, payable over 24 months with a flexible payment schedule.
Qualifying applicants must be Vermont farmers and have suffered a devastating loss due to an unexpected natural disaster that puts their farm or farming career in danger. Applications are reviewed and responded to within 10 business days. Most loan funds are granted within 14 business days.
Examples of qualifying emergencies include loss of the below due to fire, flood, wind, drought and/or hail:
Cash shortfalls due to equipment failure, unanticipated business situations and/or insufficient cash flow not caused by nature do not qualify as emergencies for the sake of the loan. Please check the Business Builder loan tab to see if your situation might qualify for a low-interest loan instead.
Find out How to ApplyPhoto courtesy of Joe's Brook Farm.