City Market and OCU are offering below market low-interest business loans.
City Market, Onion River Co-op, downtown Burlington’s cooperative grocery store, is announcing a new loan fund that will help small businesses to grow. The Co-op works with over 1,000 Vermont vendors and is committed to the sustainability not only of local agriculture of also of our local economy. Many of the Co-op vendors have expressed interest in a low-interest loan program in order to expand their businesses. Teaming up with Opportunities Credit Union, City Market is able to offer vendors a loan rate of 4.99%
To support a strong local food system, the City Market Loan Fund will help businesses purchase equipment, inventory, business vehicles, machinery, raw materials, or funds to purchase an income producing asset. Potential loan program participants could include existing small business owners, entrepreneurs, farmers and/or food producers looking to expand their current business, purchase/replace equipment, develop a new product line, increase production capacities and/or efficiencies. Start-up financing is not available under this program.
OCU plans to review each business application and have sole discretion on approving loan requests. Businesses and owners must meet membership eligibility requirements of the credit union. Businesses that are not currently eligible according to OCU’s existing credit standards will be offered an action plan to address the barriers of their situation. For more information contact Greg Huysman, Small Business Lending Manager at 802-865-2003 x125 or firstname.lastname@example.org.