Burlington, Vt. – At press conference Thursday, Governor Phil Scott was joined by the Vermont Community Loan Fund, which announced a $2 million loan from Bank of America to enable flexible financing and other services to Vermont’s small businesses, nonprofits and community facilities, as well as affordable housing developers and early care and learning programs.
“We’re honored that Bank of America is investing in the Vermont Community Loan Fund, working with us to improve the lives of vulnerable Vermonters, strengthening communities across our state,” said Loan Fund Executive Director Will Belongia. “The capital investment will bring tremendous impact and opportunity to the work we do,” he added.
The loan will be re-loaned to Vermont businesses and organizations, creating employment for Vermonters, and safe, affordable homes and/or high-quality early care and learning opportunities for children and families.
“We’re committed to delivering financial solutions to support individuals, business owners and economic development programs. Our work with the Vermont Community Loan Fund is one way we do that,” said Philip Smith, senior vice president of business banking, Bank of America Merrill Lynch. “No matter the goal in life or business, our clients expect us to deliver financial wellness aligned with their priorities. We’re prepared to help them achieve those goals, including the great outcomes that this investment coupled with the outstanding work of VCLF.”
The investment was announced Thursday at the Burlington offices of Mamava, the innovative designer and manufacturer of portable lactation suites for working mothers who breastfeed and pump on the go.
“With the goal of helping Vermont businesses and organizations create jobs for Vermonters, increase availability of affordable homes, and support educational opportunities for our kids, this initiative aligns well with my Administrations focus on growing the economy, making Vermont more affordable and protecting the most vulnerable,” said Governor Phil Scott. “I want to thank Bank of America and the Vermont Community Loan Fund for their commitment to supporting Vermont organizations. I look forward to seeing the projects made possible by these investments.”
A rising Vermont enterprise, and recent multiple-award-winner from both the U.S. and Vermont Small Business Administration, Mamava recently received VCLF financing to help expand their production.
Speaking of the Loan Fund’s role in her company’s growth, Mamava CEO and Co-Founder Sascha Mayer commented: “The Vermont Community Loan Fund was there for us at a critical point. We were growing rapidly, we had already tapped into a line of credit and paid it back and needed new resources. The Loan Fund helped make this possible.”
About the Vermont Community Loan Fund
Since the Vermont Community Loan Fund’s inception in 1987, financing from its programs has led to the creation or preservation of 6,100 jobs; the construction or rehabilitation of 4,000 safe, affordable homes; high-quality early care & learning serving 4,000 children & families; vital community services including health centers; and senior, family, youth, cultural & arts programs serving hundreds of thousands of Vermonters. For more information, visit: investinvermont.org.
About Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,400 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 36 million active users, including approximately 25 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
About Mamava
Based in Burlington, VT, Mamava is the expert in lactation space design, thoughtfully designing solutions for breastfeeding moms on the go. With both analog and digital products, Mamava products celebrate and support the 21st century breastfeeding mama. Mamava is mama-owned, made in America, and a proud member of the B Corp community. The Mamava app, free for iOS and Android, helps moms find pumping and breastfeeding friendly locations on-the-go, unlock Mamava suites through the proprietary Mamava Smart Lock, and find useful breastfeeding content. For more information, visit www.mamava.com.
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