|
|
 |
802-479-0167
Fax: 802-479-2867
P.O. Box 342
107 N. Main Street, Suite 7
Barre, VT 05641
E:mail: info
|
Images Courtesy of
Image Relay |
 |
Images Courtesy of
Image Relay
|
|
|
 |
|
An Alternative Financing Source
for Vermont Entrepreneurs
|
|
|
June 2008 - Vol 3, Issue 5
|
|
 |
|
In This Issue
|
|
|
|
|
|
|
Greetings!
|
|
|
From Emily Kaminsky, Director
Did you know that one-third of all Community Capital borrowers are in their 20's and 30's? Community Capital is a natural partner for the next generation of entrepreneurs who want to start or buy a business but lack the assets to leverage bank financing.
This issue we introduce you to our newest and youngest borrowers - Laura, Arica, and Lena of Burlington's Pilates Space!
Other articles this month include:
- KeyFoundation Supports Community Capital
- New Hire: Kara Edson
- A Few Changes of Note: Website, Emails, Applications, and Interest Rates
- Entrepreneurship Collaborative Update
|
|
|
|
|
Image Credit: Skye Chalmers Photography. "We're not just Pilates anymore," said Laura Savard, who, with Lena Cannizzaro and Arica Bronz, purchased Burlington's Pilates Space. "We wanted to turn this business into something more holistic that wasn't just focus on Pilates. The three of us have very different skill sets that compliment each other. Lena is a physical therapist, Pilates teacher, and practices craniosacral therapy; Arica is an Anusara Inspired Yoga teacher and Pilates teacher; and I'm a Holistic Health counselor - I teach whole foods nutrition."
In 2008, the trio - then employees of Pilates Space - became faced with the prospect of having to find new employment when their boss decided to sell the business. But rather than go their separate ways, the women decided to take the leap into entrepreneurialism and purchase the business.
"It just made sense," said Savard. "We went to the Small Business Development Center to find out how to buy a business, and they directed us to Community Capital."
"Like a lot of young people who are trying to start a business," Bronz noted, "we didn't have access to that kind of capital, so I'm really glad Vermont has an organization like Community Capital."
"And although we worked with our loan officer to secure finding," said Cannizzaro, "he offered much more in terms of resources than we would have been able to get through a traditional bank. I feel like Community Capital really understood what we wanted to do and they helped us get through the many details of buying a business."
Congratulations Laura, Arica, and Lena!
|
|
|
|
|
|
|
We are pleased to announce the addition of KeyFoundation to our contributors. KeyFoundation provided Community Capital with a $2,500 grant to support our Management Assistance Program (MAP), also known as post-loan technical assistance. "Key has a giving focus of economic self-sufficiency, rooted in the belief that economically self-sufficient individuals are empowered to face the challenges they encounter as they aspire to achieve their dreams," writes Margot James Copeland, Chair, Key Foundation, Cleveland, OH.
"Key is proud to be a part of Community Capital's efforts to provide individualized consulting to entrepreneurs that, in turn, helps develop economic self-sufficiency and develops jobs in Vermont," said Lesli Blount, Director of Community Relations, KeyBank, Burlington, VT. KeyFoundation's support will help Community Capital provide 17 microentrepreneurs with over 220 hours of private, individualized consulting worth nearly $17,000 in 2008. Research and experience shows that our borrowers, particularly those new to self-employment, are more likely to succeed in business and pay off their loan if they receive customized, one-on-one, post- loan assistance. Borrowers receive assistance in areas such as financial management, inventory management, startup, marketing, and human resources.
Many thanks to KeyFoundation for recognizing the importance of supporting Vermont's microentrepreneur!
|
|
|
|
|
Community Capital of Vermont (CCV) has recently hired Kara Edson as their new Loan Administrator. As Loan Administrator, Kara will help borrowers with the servicing of their loans. She will also assist Loan Officers and applicants with the processing of loan requests, among other responsibilities.
Kara has always lived in Vermont and loves to spend time with her husband, family, and friends. Her four dogs keep her very busy in her spare time.
Kara comes to Community Capital with an extensive history in the non-profit world. She has years of experience working with the Vermont State Housing Authority as a Mobile Home Park Specialist, and with the Central Vermont Community Land Trust as a Loan Coordinator. Kara is eager and excited to work with small business owners to ensure their growth and prosperity, and Community Capital of Vermont is pleased to have her on board. Please help me in welcoming Kara to our team.
|
|
|
|
|
|
Community Capital has made a few changes. Some of them you may have already noticed.
First, some technical changes. We have a new website address. Please visit us at www.communitycapitalvt.org. And, all staff's email addresses have been changed to 'first name' '@' 'communitycapitalvt.org.'
Second, we now have a new application format. The format is meant to simplify and streamline the application process - particularly for existing businesses and those entrepreneurs seeking $10,000 or less. Please click here to review our new application formats.
Finally, we have fixed our interest rates between 9% and 11% based on risk. Our fees remain the same. Please click here for our new fee schedule.
We welcome your feedback. Please do not hesitate to contact us!
|
|
|
|
|
|
Over thirty lenders, business leaders, educators, and policy leaders from across the state convened at the Vermont Technical Center on June 12th for the second convening of the Vermont Entrepreneurship Collaborative (fka VT Entrepreneurship Working Group).
Their task was to identify a suite of collaborative activities that could be launched either during November's Global Entrepreneurship Week or February's Vermont Entrepreneurship Week. The 3- hour convening was packed with activity and went by fast. Here are some of the activities that the Collaborative worked on:
- Statewide Business Plan Competition (with a sub- category for K-16 business or community projects)
- County-Level Entrepreneur Days
- Launch a Multi-User Online Entrepreneur Resource Portal
- Create and Induct the First Group of Entrepreneurs to the "Vermont Entrpereneur Hall of Fame"
- Initiate a "Bring Entrepreneurship to the Classroom" Day in partnership with the Vermont school system
- Release a "State of Entrepreneurship in Vermont" white paper/report
- Legislative Advocacy Day and Advocacy Process for Vermont Entrepreneurship
- Statewide Public Awareness Campaign on Entrepreneurship
Sub-committees were formed to work on these and other collaborative activities. Planning will begin on these activities immediately with a follow-up meeting of the Collaborative scheduled for late August. If you are interested in staying apprised of the Collaborative's activities or want to participate in planning, please contact Emily Kaminsky and/or go to the online forum for the Collaborative at www.communityzero.com/vtentrepreneurship. It's free to participate!
|
|
|
|
|
|
If you have news that you would like featured in any of our upcoming e-newsletters, please contact me at 802-479-0167 or [email protected]. Until next time...
Sincerely,
Emily Kaminsky , Community Capital of Vermont
|
|
