Loan Program

Heart of Vermont Enterprise Revolving Fund

What is the Heart of Vermont Enterprise Business Revolving Fund (BRLF)?

The BRFL is designated to assist small business development in the Randolph Area, currently including the towns of Randolph, Brookfield, and Braintree. The BRLF was established to help existing, expanding and new businesses succeed in the greater Randolph area. The fund is especially interested in businesses that create jobs, and increase the diversity and availability of goods and services. The fund can also be used to acquire business property, and repair existing buildings, especially to bring them up to current building safety and accessibility codes. We welcome applications from anyone doing business or planning to do business in the Randolph Area.

Who makes loan decisions?

Applications are made to RACDC. RACDC can make referrals to anyone who needs business planning or other assistance in developing a complete loan application. Once a completed application is submitted with the application fee, we prepare a staff review and schedule a loan committee meeting. This committee is composed of five volunteers with business and financial expertise who serve as advisors to the executive director of RACDC. They give their recommendation to the executive director, who makes the final decision. If a loan request is denied, the reasons for denial will be given in writing and may suggest ways to improve the application for resubmission.

Loan size and term

Small grants may be considered for technical assistance, business development, and marketing as deemed reasonable and appropriate by the Loan Committee. Loans of over $50,000 or grants of over $5,000 must be approved by the RACDC Board. Borrowers may have more than one loan with the BRLF. Loans are generally repayable in five years or less but may be amortized over a longer term, with the possibility of an extension at the end of the loan year period with a new application.