Vermont Community Loan Fund, Inc.
Invest in Vermont
Vermont Community Loan Fund, Inc.
EIN: 22-2864900
as of November 2023
as of November 13, 2023
Mission
A mission-driven, community-focused alternative lender and Community Development Financial Institution (CDFI), the Vermont Community Loan Fund creates opportunities that lead to healthy communities and financial stability for all Vermonters. We provide loans and other resources to local businesses, community organizations & nonprofits, early care & learning providers and developers of affordable housing who can't access the financing or services they need. The money we lend is loaned to us by impact investors who want a safe, sensible way to invest in Vermont, doing good for Vermonters today and saving for their own tomorrow. We develop and promote innovative capital-based solutions to issues of poverty, justice and opportunity. We're invested in a stronger, healthier, happier Vermont.
Ruling year
1988
Executive Director
Mr. Will Belongia
Main address
PO Box 827
Montpelier, VT 05601 USA
EIN
22-2864900
Early childhood education
Housing development
Community development finance
Investment services
Business and industry
Population served
Children and youth
Women
Ethnic and racial groups
Immigrants and migrants
Economically disadvantaged people
NTEE code
Economic Development (S30)
Financial Institutions/Services (Non-Government Related) (W60)
Rural (S32)
IRS subsection
501(c)(3) Public Charity
IRS filing requirement
This organization is required to file an IRS Form 990 or 990-EZ.
Tax forms
Communication
Affiliations
Programs and results
Reports and documents
Download annual reports Download other documentsWhat we aim to solve
Our programs
What are the organization's current programs, how do they measure success, and who do the programs serve?
Housing and Community Facilities Loan Program
We believe that a safe, affordable home is the cornerstone of any family's ability to become economically stable, achieve self-sufficiency and build wealth for the future. We provide financing for projects that build or rehabilitate homes for lower-income Vermonters or other vulnerable populations. Ranging in size from one home to 100, our projects include single- and multi-family homes. Whenever possible, we partner with traditional lenders, philanthropic organizations and other community resources to make the deal happen. Since 1987, we've financed the development of affordable homes for almost 4,800 Vermonters, and approximately 3,100 Vermont building trades jobs.
Business Lending Program
Since 1996, VCLF’s Business Programs have provided flexible financing to entrepreneurs whose capital needs can’t be met by traditional lenders. We’ve provided 532 loans / $54 million in financing to 390 entrepreneurs and small business owners, leveraging another $60 million in project support. We've created or preserved jobs for 7,863 Vermonters.
Our loans benefit lower-income Vermonters through job creation, preserve or add value to Vermont's working landscape, and strive to support women-owned, BIPOC-owned and/or downtown-located anchor businesses. We provide working capital for equipment, debt consolidation, real estate purchase and lines of credit. VCLF’s lenders also manage a few smaller loan pools dedicated to specific industries or program sectors, including: Black, Indigenous & Vermonters of Color (BIPOC Vermonters), early care & learning businesses, farms & food producers, outdoor recreation businesses and businesses with an agritourism component.
Early Care & Learning Program
We believe that quality early care & learning provide an essential foundation for our children's growth and development. We believe that a parent's ability to find quality care is an essential piece of any family's well-being.
Quality facilities are an essential component of quality early care & learning, so we provide loans and technical assistance for private, nonprofit, home- and center-based child care providers. We are especially interested in early care & learning programs that serve infants and toddlers, children from low- and moderate-income households and children with special needs.
Need more than just a loan? Our Business Resource Center provides FREE early care & learning business coaching to VCLF borrowers and loan applicants.
Since its inception in 2000, our Early Care & Learning Program has made approximately 150 loans surpassing $11 million that have created or preserved quality care for 5,030 children and their families, and employment for almost 1,100 Vermonters.
Where we work
Awards
Vermont Microlender of the Year 2013
US Small Business Administration
Vermont Mission Lender of the Year 2015
US Small Business Administration
Affiliations & memberships
Opportunity Finance Network - member 1987
Vermont Businesses for Social Responsibility - member 1990
Vermont Early Childhood Advocacy Alliance - member & fiscal sponsor 2013
Underwriting for Racial Justice - member 2023
Partnership for Carbon Accounting Financials - member 2019
Vermont Affordable Housing Coalition - member 1992
Vermont Farm to Plate Network - member 2011
External reviews
Videos
Our results
How does this organization measure their results? It's a hard question but an important one.
Number of jobs created and maintained
This metric is no longer tracked.Totals By Year
Type of Metric
Output - describing our activities and reach
Direction of Success
Holding steady
Number of loans issued
This metric is no longer tracked.Totals By Year
Type of Metric
Output - describing our activities and reach
Direction of Success
Holding steady
Number of borrowers served through the nonprofit's programs
This metric is no longer tracked.Totals By Year
Type of Metric
Output - describing our activities and reach
Direction of Success
Increasing
Total dollar amount of loans issued
This metric is no longer tracked.Totals By Year
Type of Metric
Output - describing our activities and reach
Direction of Success
Increasing
Number of housing units financed
This metric is no longer tracked.Totals By Year
Related Program
Housing and Community Facilities Loan Program
Type of Metric
Output - describing our activities and reach
Direction of Success
Holding steady
Dollar amount of housing units financed
This metric is no longer tracked.Totals By Year
Related Program
Housing and Community Facilities Loan Program
Type of Metric
Output - describing our activities and reach
Direction of Success
Increasing
Number of children who have access to education
This metric is no longer tracked.Totals By Year
Related Program
Early Care & Learning Program
Type of Metric
Output - describing our activities and reach
Direction of Success
Holding steady
Context Notes
Early care & learning slots created & preserved as a result of new lending
Acres of farmland protected
This metric is no longer tracked.Totals By Year
Related Program
Business Lending Program
Type of Metric
Output - describing our activities and reach
Direction of Success
Holding steady
Total dollars loaned to organizations
This metric is no longer tracked.Totals By Year
Type of Metric
Output - describing our activities and reach
Direction of Success
Increasing
Goals & Strategy
Reports and documents
Download strategic planLearn about the organization's key goals, strategies, capabilities, and progress.
Charting impact
Four powerful questions that require reflection about what really matters - results.
What is the organization aiming to accomplish?
VISION
The Vermont Community Loan Fund will be a leader in developing and promoting capital-based approaches to issues of poverty and opportunity. VCLF will be an integral part of facilitation a generous flow of capital from sources both within and outside of Vermont to create healthy communities and increase economic opportunity for all Vermonters.
LEADERSHIP
VCLF will be a respected, familiar and trusted voice among public officials, business leaders, philanthropists and thought leaders. We will have a seat at the table where issues of poverty and opportunity involving the people we care about are discussed. We will champion the idea that access to capital can provide opportunities for low-income and low-wealth Vermonters to improve their quality of life.
IMPACT
VCLF will provide critical capital-related services to help families increase their financial stability. We will look for opportunities where capital and technical assistance will be transformational for Vermonters whose needs are not being met by traditional sources of finance. We will be committed to transparency and accountability to our target markets.
SUSTAINABILITY
VCLF will uphold our high standard of financial sustainability while exploring new and evaluating existing programs and services. We will balance innovation and impact with financial risk and return. We will value activities and opportunities in our business and lending operations that lead to beneficial impacts on the natural environment.
PHILANTHROPY
VCLF will attract significant donations and investments from diverse funding sources including foundations, businesses and individuals. VCLF will play a critical role in leading philanthropy to the markets where we work. If wise use of capital for building communities is the goal of donors and investors, our aspiration is that they will turn to VCLF.
What are the organization's key strategies for making this happen?
The Vermont Community Loan Fund is a 501(c)3 nonprofit corporation and US Department of Treasury-certified Community Development Financial Institution (CDFI) whose purpose is to:
- Make loans and provide assistance to projects that provide long-term access to and control over housing, access and availability od quality early childhood care and education, access and availability of essential community services and economic opportunities including employment for low- and moderate-income Vermonters and other disadvantaged groups who are denied such access through conventional channels.
- Encourage the elimination of discrimination in access to housing, child care, credit and economic opportunities.
- Promote models of ownership or tenant control that prevent speculation and guarantee that housing remains affordable for successive generations.
- Support projects and educate and advocate for activities that lead to beneficial impacts on the natural environment.
- Educate and advocate for the improvement of children's welfare in the areas of learning, safety, health and economic security.
- Educate and advocate for investments in affordable housing, early childhood education and care, communit6y services, small businesses and entrepreneurship, the revitalization of neighborhoods, downtowns and the working landscape.
What are the organization's capabilities for doing this?
Although each housing, community facility, child care and small business loan is unique, typical financing needs to be met by VCLF are outlined follow:
1) Interest-only and amortizing loans to land trusts to acquire homes which are sold to leaseholders using a lease-to-purchase scenario;
2) Loans for acquisition and rehabilitation of rental housing by nonprofit organizations;
3) Interim property acquisition and construction loans for affordable housing or social service programs which are expected to receive grants or other long-term, low-interest permanent financing;
4) Loans for acquiring housing which will provide affordable shelter for people who are developmentally disabled, young adults in SRS custody, individuals who were formerly homeless or elders in shared living arrangements;
5) Loans for acquiring buildings which will be used as food banks, child and elder care services or other programs benefiting low-income Vermonters;
6) Shared financing loans for limited-equity housing cooperatives;
7) Loans for acquisition of property and working capital for small businesses;
8) Loans to child care businesses; or
9) Loans to purchase and operate a dairy or other production-based farm or agricultural enterprise.
What have they accomplished so far and what's next?
As of December 31, 2022, our outstanding portfolio of $28.4 million and 259 loans represented 2,377 jobs, 1,239 affordable homes, quality care for 1,505 children and community services for over 138,000 Vermonters.
Since our inception we’ve lent over $125 million in over 1,000 loans to small businesses, affordable housing developers and community-based organizations that has created or preserved over 7,900 jobs; built or rehabilitated more than 4,800 affordable homes for Vermont’s families, individuals and seniors; created or preserved quality care for over 5,100 children and their families and supported community organizations providing vital services to hundreds of thousands of Vermonters.
How we listen
Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.
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How is your organization using feedback from the people you serve?
To identify and remedy poor client service experiences, To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects, To identify where we are less inclusive or equitable across demographic groups, To strengthen relationships with the people we serve, To understand people's needs and how we can help them achieve their goals
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Which of the following feedback practices does your organization routinely carry out?
We collect feedback from the people we serve at least annually, We take steps to get feedback from marginalized or under-represented people, We aim to collect feedback from as many people we serve as possible, We take steps to ensure people feel comfortable being honest with us, We look for patterns in feedback based on demographics (e.g., race, age, gender, etc.), We look for patterns in feedback based on people’s interactions with us (e.g., site, frequency of service, etc.), We engage the people who provide feedback in looking for ways we can improve in response, We act on the feedback we receive, We share the feedback we received with the people we serve, We tell the people who gave us feedback how we acted on their feedback, We ask the people who gave us feedback how well they think we responded
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What challenges does the organization face when collecting feedback?
It is difficult to get the people we serve to respond to requests for feedback, The people we serve tell us they find data collection burdensome, It is difficult to find the ongoing funding to support feedback collection, Staff find it hard to prioritize feedback collection and review due to lack of time
Financials
Financial documents
Download audited financialsRevenue vs. expenses: breakdown
Liquidity in 2022 info
0.67
Months of cash in 2022 info
53.3
Fringe rate in 2022 info
25%
Funding sources info
Assets & liabilities info
Financial data
Vermont Community Loan Fund, Inc.
Revenue & expensesFiscal Year: Jan 01 - Dec 31
Vermont Community Loan Fund, Inc.
Balance sheetFiscal Year: Jan 01 - Dec 31
The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization's total assets should generally exceed its total liabilities, or it cannot survive long, but the types of assets and liabilities must also be considered. For instance, an organization's current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan, and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.
Fiscal Year: Jan 01 - Dec 31
This snapshot of Vermont Community Loan Fund, Inc.’s financial trends applies Nonprofit Finance Fund® analysis to data hosted by GuideStar. While it highlights the data that matter most, remember that context is key – numbers only tell part of any story.
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Business model indicators
| Profitability info | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Unrestricted surplus (deficit) before depreciation | $1,694,886 | -$22,687 | $837,879 | $2,529,740 | $524,417 |
| As % of expenses | 56.4% | -0.8% | 32.6% | 89.7% | 20.0% |
| Unrestricted surplus (deficit) after depreciation | $1,670,981 | -$58,289 | $807,464 | $2,491,774 | $463,746 |
| As % of expenses | 55.2% | -2.1% | 31.1% | 87.2% | 17.3% |
| Revenue composition info | |||||
|---|---|---|---|---|---|
| Total revenue (unrestricted & restricted) | $4,712,860 | $2,822,425 | $3,862,126 | $6,288,284 | $3,049,200 |
| Total revenue, % change over prior year | 64.3% | -40.1% | 36.8% | 62.8% | -51.5% |
| Program services revenue | 37.6% | 63.9% | 46.2% | 29.2% | 53.1% |
| Membership dues | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Investment income | 2.0% | 5.5% | 2.6% | 0.9% | 5.0% |
| Government grants | 32.4% | 6.8% | 19.6% | 57.1% | 23.5% |
| All other grants and contributions | 19.8% | 23.8% | 30.4% | 12.3% | 18.3% |
| Other revenue | 8.3% | 0.1% | 1.2% | 0.5% | 0.0% |
| Expense composition info | |||||
|---|---|---|---|---|---|
| Total expenses before depreciation | $3,005,103 | $2,761,353 | $2,569,157 | $2,818,679 | $2,617,110 |
| Total expenses, % change over prior year | 6.9% | -8.1% | -7.0% | 9.7% | -7.2% |
| Personnel | 45.3% | 49.8% | 57.3% | 54.9% | 61.4% |
| Professional fees | 1.2% | 1.4% | 1.5% | 1.3% | 1.5% |
| Occupancy | 2.7% | 3.1% | 3.2% | 3.1% | 4.1% |
| Interest | 16.4% | 18.0% | 19.7% | 18.8% | 19.3% |
| Pass-through | 4.2% | 9.0% | 9.3% | 5.0% | 2.2% |
| All other expenses | 30.1% | 18.7% | 9.0% | 16.9% | 11.5% |
| Full cost components (estimated) info | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Total expenses (after depreciation) | $3,029,008 | $2,796,955 | $2,599,572 | $2,856,645 | $2,677,781 |
| One month of savings | $250,425 | $230,113 | $214,096 | $234,890 | $218,093 |
| Debt principal payment | $0 | $0 | $0 | $0 | $1,035,733 |
| Fixed asset additions | $34,333 | $0 | $0 | $216,373 | $0 |
| Total full costs (estimated) | $3,313,766 | $3,027,068 | $2,813,668 | $3,307,908 | $3,931,607 |
Capital structure indicators
| Liquidity info | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Months of cash | 34.8 | 42.7 | 66.8 | 77.9 | 53.3 |
| Months of cash and investments | 52.1 | 64.4 | 93.0 | 104.1 | 114.1 |
| Months of estimated liquid unrestricted net assets | 40.1 | 43.4 | 50.4 | 56.6 | 63.0 |
| Balance sheet composition info | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Cash | $8,705,778 | $9,833,003 | $14,307,313 | $18,291,115 | $11,630,467 |
| Investments | $4,347,017 | $4,975,411 | $5,599,427 | $6,161,393 | $13,245,019 |
| Receivables | $28,366,923 | $28,124,119 | $26,664,416 | $27,301,890 | $25,969,023 |
| Gross land, buildings, equipment (LBE) | $178,341 | $192,140 | $200,133 | $393,820 | $418,958 |
| Accumulated depreciation (as a % of LBE) | 62.1% | 74.0% | 82.3% | 45.7% | 49.8% |
| Liabilities (as a % of assets) | 70.2% | 71.1% | 70.7% | 67.2% | 66.2% |
| Unrestricted net assets | $10,043,578 | $9,985,289 | $10,792,753 | $13,284,527 | $13,748,273 |
| Temporarily restricted net assets | $2,381,514 | N/A | N/A | N/A | N/A |
| Permanently restricted net assets | $0 | N/A | N/A | N/A | N/A |
| Total restricted net assets | $2,381,514 | $2,465,273 | $2,920,363 | $3,860,228 | $3,767,901 |
| Total net assets | $12,425,092 | $12,450,562 | $13,713,116 | $17,144,755 | $17,516,174 |
Key data checks
| Key data checks info | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Material data errors | No | No | No | No | No |
Operations
The people, governance practices, and partners that make the organization tick.
Documents
Executive Director
Mr. Will Belongia
Will has been with VCLF since 1993. He started as VCLF’s business manager, served as chief financial officer, and in 2004 became executive director. He holds a bachelor’s degree in economics from the University of Notre Dame and a master’s in business administration from the University of Vermont (UVM). He also graduated from UVM’s Snelling Center for Government Vermont Leadership Institute. Board service includes/d: Federal Reserve Bank of Boston Community Development Advisory Council, VT Working Lands Enterprise Board, M&T National Community Advisory Board, CEI Capital Management, Vermont Rural Ventures, Building Bright Spaces for Bright Futures and Slow Money Vermont.
Number of employees
Source: IRS Form 990
Vermont Community Loan Fund, Inc.
Officers, directors, trustees, and key employeesSOURCE: IRS Form 990
Compensation data
Vermont Community Loan Fund, Inc.
Highest paid employeesSOURCE: IRS Form 990
Compensation data
Vermont Community Loan Fund, Inc.
Board of directorsas of 09/26/2023
Board of directors data
Gwen Pokalo Hart
Center for Women & Enterprise
Term: 2023 - 2027
Stephanie Wernhoff
retired community bank executive
Ira Marvin
Butternut Mountain Farm
Asma Ali Abunaib
Three Stones International
José Aguayo
activist, entrepreneur, impact investor
Arne Hammarlund
retired community bank executive
Kim Keiser
retired educational policy leader
Chloe Learey
Winston Prouty Center
Matthew Plasse
M&T Bank
Gwen Pokalo Hart
Center for Women & Enterprise
Michael Thompson
Copper Leaf Financial
Board leadership practices
GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.
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Board orientation and education
Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes -
CEO oversight
Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes -
Ethics and transparency
Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes -
Board composition
Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes -
Board performance
Has the board conducted a formal, written self-assessment of its performance within the past three years? No
Organizational demographics
Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.
Leadership
The organization's leader identifies as:
Race & ethnicity
Gender identity
Sexual orientation
No data
Disability
No data
Equity strategies
Last updated: 09/01/2023GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more
- We ask team members to identify racial disparities in their programs and / or portfolios.
- We analyze disaggregated data and root causes of race disparities that impact the organization's programs, portfolios, and the populations served.
- We disaggregate data to adjust programming goals to keep pace with changing needs of the communities we support.
- We employ non-traditional ways of gathering feedback on programs and trainings, which may include interviews, roundtables, and external reviews with/by community stakeholders.
- We disaggregate data by demographics, including race, in every policy and program measured.
- We have long-term strategic plans and measurable goals for creating a culture such that one’s race identity has no influence on how they fare within the organization.
- We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
- We have community representation at the board level, either on the board itself or through a community advisory board.
- We help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.
- We measure and then disaggregate job satisfaction and retention data by race, function, level, and/or team.
- We engage everyone, from the board to staff levels of the organization, in race equity work and ensure that individuals understand their roles in creating culture such that one’s race identity has no influence on how they fare within the organization.
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- Letter of Determination
- Officer and/or Employee data for 2022, 2021, 2020, 2019, 2018
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