EDC Revolving Loan Fund
Jon Spector (on behalf of the EDC)
Economic Development Commission
16 The Green
Grant Request Summary
A Revolving Loan Fund would enable the EDC to make low cost or no cost loans to applicants to further EDC objectives. In some circumstances (particularly when the recipient is a for-profit entity) loans, rather than outright grants, may be a better use of public funds while achieving similar economic development objectives. Several towns in Vermont have such a loan fund, e.g, Hartford, Bristol, Brattleboro, Burlington.
The loan application process would require in-depth examination examination by a committee, and then legal documentation and financial agreements. Subsequently the loan would need to be managed on an on-going basis. Hartford has an arrangement with GMEDC to be their loan administrator, and it is likely that GMEDC could be the EDC loan administrator for Woodstock as well.
Desired Grant Amount
Other Funding Sources
Pilot test program in 2022 - could begin after establishment of decision processes and appointment of administrator; ideally in place by July 1, 2022
How will this project benefit the economic and community development of Woodstock?
The revolving loan fund would give the EDC an additional tool to encourage and support a wide range of projects to achieve our overall objectives of economic and community development. It would provide financial incentives to appropriate projects while minimizing the long-term financial resources needed to catalyze and suport those projects.
Which EDC Working Grouop Objectives does your project best support?
Housing (Expanding housing supply for local workforce), Attracting New Businesses (Attracting businesses to Woodstock), Downtown Physical Rejuvenation (Improving facilities and public spaces in the downtown area), Events (Supporting the growth of events for visitors and the community)