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802-479-0167
Fax: 802-479-2867
P.O. Box 342
107 N. Main Street, Suite 7
Barre, VT 05641
E:mail: info
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Images Courtesy of
Image Relay |
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Images Courtesy of
Image Relay
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Community Capital of Vermont Winter 2008 E-Newsletter
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An Alternative Financing Source
for Vermont Entrepreneurs
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Winter 2008 - Vol 3, Issue 1
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Greetings!
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From Emily Kaminsky, Director
Welcome to our Winter 2008 e-newsletter. This issue, we introduce you to Claire Fitts, owner of Butterfly Bakery in Montpelier.
Also, in honor of National Entrepreneurship Week (February 24 - March 1), which focuses this year on Youth Entrepreneurship, we invite you to visit the websites of higher education institutions in Vermont where the next generation of entrepreneurs is brewing!
Other articles this month include:
- Vermont Entrepreneurship Week Activities
- Community Capital's End of Year Report
- Community Capital In The News
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Claire Fitts, owner of Butterfly Bakery, was baking in the middle of night in a rented kitchen. This situation made business expansion difficult. Claire remembers, "I would have had to double my production to justify the cost of adding just one more day in a rented space."
Claire had already received a loan from Community Capital to expand her product line, so she turned to us again when her financial institution turned her down for a loan.
Community Capital gave her the financing and enlisted Claudia Lovell of Capital Consulting to help Claire plan sales calls, develop brand identity, expand her product line, work on a special granola project with local schools, and prepare press releases. Claire is now thriving in her own space, which has allowed her to expand her product line and increase her visibility.
But the story does not end there! Claire has used her business ownership to provide a venue for other entrepreneurs to sell their wares, all the while helping raise money for local charities. She runs the Touch of Vermont Holiday Gift Market every year at Montpelier City Hall. It not only provides a space for Claire and about 40 other vendors to sell their holiday wares, but raises money for OUR House of Central Vermont.
Community Capital is proud to support Claire!
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February 24 - March 1, 2008 marks the nation's second annual celebration of National Entrepreneurship Week.
In Vermont, hundreds of businesses, policy makers, and students are participating in activities around the state to celebrate Vermont Entrepreneurship Week!
Community Capital is one of a handful of sponsors for two Entrepreneurship Week events taking place in Montpelier on February 26th:
- "Helping Entrepreneurs Build Political Power", a Luncheon and Advocacy Training held at Capitol Plaza from 11:30 - 3:30 pm on February 26th. Registration is required, lunch is included, and the fee is $25. Call 1-800-639-1053 for more information or to register.
- Legislative Reception at the Statehouse Cafeteria from 4 to 6 pm on February 26th. Free to the public. At 5:00 pm, Governor James Douglas will read a Proclamation establishing February 24 - March 1 as Vermont Entrepreneurship Week.
Then, on February 28th, Community Capital is holding an invitation-only Dinner and Awards Ceremony at the Capitol Plaza to honor one Community Capital borrower as our 2008 Entrepreneur of the Year. The winner will be announced at the Dinner and in our next e-newsletter! Governor James Douglas will be our honored guest for the evening. Jeanne Morrissey, owner of J.A. Morrissey, Inc. will be the keynote speaker.
Read more about Vermont Entrepreneurship Week and Community Capital in the February issue of Vermont Business Magazine.
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Community Capital is pleased to report that 2007 was another successful year!
2007 was the first full year that Community Capital made loans across the state. Twenty-two Vermont business owners received loans totaling $343,808. Fourteen, or 64%, of those loans were made to business owners outside of our original central Vermont service area (Washington, Lamoille, and Orange counties).
Thirteen business owners accessed a total of 91 hours of post-loan technical assistance. Some examples of how borrowers used their hours include:
- Assistance with inventory management - budgeting, purchasing, pricing, point of sale assistance
- Marketing - messaging, client development, logo and brand development
- Financial Management - chart of accounts set-up, setting up information management systems, and bookkeeping
Borrowers also accessed $1,900 in Business Advancement Grants to pay for business education, networking and other business advancement opportunities. Some examples include:
- Membership in trade association
- Attend a workshop in industry to upgrade credentials
- Attend a trade show
Community Capital projects 2008 to be a banner year for loans. Our loan volume may be more than we expect as we are slated to take over administration of the Vermont Job Start program by Summer 2008.
Our 2008 lending goal is to make at least 30 loans totaling $678,000. Our post-loan technical assistance goal is to provide 17 new borrowers with 226 hours of one-on-one assistance and $8,500 worth of Business Advancement Grants.
Other goals include adding new board members from around the State to our board, completing our 3-year evaluation project, obtaining additional loan capital, and adjusting our staffing structure and loan process to enhance efficiency. We look forward to a successful 2008 in partnership with you!
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In the past year, Community Capital and its borrowers have received notable coverage in the news.
We invite you to follow these links to see how Community Capital is making a difference for Vermont entrepreneurs:
This year, we will highlight more of our borrowers in local and regional press. We'll be sure to include these highlights in our e-newsletters so you can follow our borrowers' successes!
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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
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