BDCC named as microloan agent
BRATTLEBORO - The Brattleboro Development Credit Corporation was recently selected to be a US Small Business Administration microloan intermediary. BDCC has received a commitment of $350,000 from the SBA to lend to small businesses throughout southern Vermont.
BDCC is only the third SBA microloan lender in the state of Vermont, along with Community Capital of Vermont, in Barre, and Vermont Community Loan Fund, in Montpelier. It will primarily serve the southernmost counties, providing direct loans up to $50,000 to small businesses. The average microloan in the US is about $13,000.
The Brattleboro Development Credit Corporation is a private nonprofit economic development organization that serves to drive industrial and commercial growth throughout southern Vermont. BDCC is one of 12 regional development corporations providing economic development services to each region of Vermont. The new SBA lending is part of BDCC’s efforts to expand the portfolio of financial products available to borrowers who need alternatives or supplements to traditional commercial loan products available through private lenders.
Microloan intermediaries are nonprofit community-based organizations with experience in lending and technical assistance. As a microloan intermediary, BDCC serves as a stepping stone for entrepreneurs, helping them build sales, experience, and credit to become successful and bankable businesses.
Microloans can be used for working capital, inventory, furnishings, equipment, and more. The maximum repayment term allowed for an SBA microloan is six years.
For more information about BDCC lending call (802) 257-7731 or visit https://brattleborodevelopment.com/.