Addison County Economic Development Corporation - Financial Services: Revolving Loan Fund 2

Addison County Economic Development Corp.

Revolving Loan Fund 2

ACEDC’s second generation loan program provides funding to established operations in the next phase of their development. Loans range between $20,000 and $100,000. Funding is limited to 40% of a project, with a “true” equity contribution of 10% required at time of closing. Proposals will be prioritized in part by the level of leveraging with alternate funding.

Rules and Regulations

All loans must be accompanied by a completed business plan.
$100 non-refundable application fee must accompany your request for funding.
Interest rate is fixed at 7%.
One half point closing fee and legal expenses due at closing.
Personal guarantees of principals with ownership at 20% or greater.
Key man life insurance and casualty insurance with ACEDC listed as a beneficiary.

Applications available by contacting ACEDC at (802) 388-7953. The Vermont Small Business Development Center, housed in ACEDC’s office, will provide assistance in the development of a funding proposal. This service is available at no cost.