Northeast Kingdom Business Resource Guide

Presented By
St. Johnsbury Works!

CONTENTS

About the Northeast Kingdom

Did You Know?

Population of the Northeast Kingdom - 2002

The Process of Starting a Business

The Checklist for Starting/Expanding a Business

Other Sources of Business Assistance

Business Forms

Choosing a Business Form

Doing Business as a Sole Proprietorship

The Trade Name Form

Financial Assistance Programs

Northern Community Investment Corporation

Northeastern Vermont Development Assoication

ST. Johnsbury Development Fund

Vermont Sustainable Jobs Fund

Economic Development Council of Northern Vermont, Inc.

Vermont Economic Development Authority

The Vermont Community Loan Fund

U.S. Small Business Administration (SBA)

SBA Bank Lenders Serving the Northeast Kingdom

Regional/Local Revolving Loan Funds

Entrepreneurial Development – Business Counseling and Other Groups

Small Business Development Center (SBDC)

Micro Business Development Program

The Vermont Women's Business Center

The Childcare Business Initiative

SCORE

NORTHEAST KINGDOM CAREER AND TECHNICAL EDUCATION CENTERS

ST. JOHNSBURY WORKS!

DOWNTOWN BUSINESS ASSOCIATION

MARKET VERMONT PROGRAM

AGRICULTURAL MARKETING

COLLEGES

NORTHEAST KINGDOM CHAMBERS OF COMMERCE

TRADE ASSOCIATIONS

About the Northeast Kingdom

The state's northeast corner was baptized the Northeast Kingdom in 1949 by U.S. Senator George Aiken in remarks praising its rural character and beauty. The Northeast Kingdom, representing Caledonia, Essex and Orleans Counties, contains some of the most remote areas of the state and it is considered by many to be the most idyllic part of Vermont. The economy of the region is closely connected to its natural resources. Logging and wood products manufacturing provide a significant share of the job opportunities in Essex and Orleans Counties. Caledonia County rounds out the region and provides a broader array of services and job opportunities.

The Northeast Kingdom contains 2,053 square miles, represents about 10% of the state’s population, and generates about 6% of the state’s tax revenues. Orleans County is the third largest contributor to agricultural production in the state. Orleans and Essex Counties are the leaders in softwood harvest.

Did You Know

In Orleans County, 80.7% of the labor industry is privately owned businesses. The highest-ranking categories are providing services (54%), producing goods (26.7%), and manufacturing (19.5%).

In Essex County, 78.7% of the labor industry is privately owned businesses. The highest-ranking categories are producing goods (58.2%), manufacturing (52.4%), and providing services (13%).

In Caledonia County, 83.5% of the labor industry is privately owned businesses. The highest-ranking categories are providing services (58.3%), producing goods (25.2%), and manufacturing (17%).

Small business employment accounts for 66.3% of the state’s total employment.

Sources: Vermont Department of Employment and training – VT Labor Information and U.S. Department of Commerce, Bureau of Census, Statistics of U.S. Businesses

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Population of the Northeast Kingdom - 2002
(By County and By Town)

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The Process of Starting a Business

All information contained in this section was obtained from the Vermont Small Business Development Center (VtSBDC) Website:

http://www.vtsbdc.org/cklst2.cfm

1. ____ THE BUSINESS IDEA
   Determine whether business ownership meets enough of your personal and professional goals to put the time and energy into researching the business idea’s viability.

2. ____ THE BUSINESS PLAN
   Research and write a complete business plan. The Small Business Developments Center’s Business Plan guideline and one-on-one technical assistance with a SBDC or SCORE counselor can help you in this process.

3. ____ MAKE A DECISION WHETHER TO PROCEED
   Based on the information in the completed business plan, determine whether the idea is viable before jumping into business ownership.

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The Checklist for Starting/Expanding a Business

4. ____ REGISTRATION OF AN ASSUMED NAME
   If you are going to do business under a name other than your own, you need to register your trade name with the Secretary of State.

Vermont Secretary of State 
109 State Street
Montpelier, VT 05609-1104
(location: Heritage I Office Building, 81 River Street, Montpelier)
Telephone: (802) 828-2386
Website: www.sec.state.vt.us

5. ____ EMPLOYEES
   For information on the regulation of wages and hours, Vermont Occupational Safety and Health Act rules, Vermont Workers Compensation Program, Unemployment Compensation, and State Labor Relations Act Provisions, contact:

Vermont Department of Labor and Industry
National Life Building, Drawer 20
Montpelier, VT 05602-3401
Telephone: (802) 828-2288
Website: www.state.vt.us/labind

6. ____ EMPLOYER’S TAX IDENTIFICATION NUMBER
   Partnerships and corporations, with or without employees, must obtain an employer identification number. Complete and return a form SS-4 available from:

Internal Revenue Service
310 Lowell Street
Andover, MA 05501
Telephone: (703) 368-9694
Website: www.irs.gov

7. ____ TOWN/CITY LICENSES, PERMITS, AND ZONING
   Before buying a property or signing a lease, contact the city or town clerk where the business will be located to assure your plans conform to local restrictions and to obtain the necessary permits for buildings types and signs.

8. ____ BUSINESS TAXES
   Register for a tax number with:Vermont Department of Taxes

109 State Street
Montpelier, VT 05609
Telephone: (802) 828-2505

For sales tax, withholding or corporate taxes: Ask for the booklet, A Guide to Vermont Business Taxes
Website: www.state.vt.us/tax 

9. ____ SIGNS
   No outdoor advertising is permitted other than on-premises signs with a total area of not more than 150 square feet (this is the overall State regulation for maximum square footage, check your town to see if its regulations vary). An Official Business Directional Sign can be erected if you have a license from the Travel Information Council. Contact the Maintenance Division:

Agency of Transportation
133 State Street
Montpelier, VT 05602
Telephone: (802) 828-2709
Website: www.aot.state.vt.us 

10. ____ STATE OCCUPATION LICENSES AND PERMITS
    Depending on your business, you may need to apply for the privilege of engaging in a certain profession, business, or occupation with the Secretary of State:

Vermont Secretary of State
Red Stone Building
26 Terrace Street, Drawer 09
Montpelier, VT 05609-1101
Telephone: (802) 828-2363
Website: www.sec.state.vt.us 

11. ____ OCCUPATIONAL SAFETY AND HEALTH ADMINISTRATION
    Contact this agency to determine if there are regulations which apply to your business: Accident Prevention Division of the Worker’s Compensation Board.

Vermont Department of Labor and Industry
National Life Building, Drawer 20
Montpelier, VT 05602-3401
Telephone: (802) 828-2286
Website: www.state.vt.us/labind 

12. ____ ACT 250
    For construction or improvements for a new or existing commercial and industrial facilities, or for the change in use of an existing facility, you should check with the District Environmental Coordinator to determine if a Land Use Permit (ACT 250) will be required.

13. ____ OTHER STATE LICENSES, PERMITS, AND REGULATIONS
    Contact the Vermont Agency of Natural Resources Permit Specialist for your region for information, to obtain a project review sheet, or to schedule an informational appointment. Use the “Locator” to find your specialist at http://www.anr.state.vt.us/dec/ead/pa/index.htm 

Vermont Agency of Natural Resources, Environmental Assistance Division
Laundry Building, 103 Main Street
Waterbury, VT 05671-0411

Permit information is also found in the book, The Vermont Permit Handbook, by the VT Agency of Natural Resources, which can be found in town clerk offices, Vermont state libraries, Agency of Natural Resources, regional planning commissions, libraries, and SBDC offices or Website: http://www.anr.state.vt.us/dec/permit_hb/index.htm 

14. ____ ENVIRONMENTAL ASSISTANCE
    Small Business Development Center offers environmental assessments and information for all business types.

Telephone: (802) 728-1423
Website: www.vtsbdc.org 

15. ____ LEGAL CONCERNS
    You many need to consult an attorney regarding your form of business ownership, leases, contracts, patents, trademarks, copyright, and such.

16. ____ ACCOUNTING CONCERNS
    Consult an accountant regarding bookkeeping systems, income tax planning and payments, payroll reports, and related items.

17. ____ INSURANCE CONCERNS
    Consult an insurance agent about various forms of insurance: liability, fire, automobile, employee health and life, fidelity (insuring your business against employee theft), burglary and vandalism, business interruption, key-person insurance, and worker’s compensation cost

18. ____ BANKING CONCERNS
    Consult a banker about establishing a relationship for checking accounts, your future borrowing needs, credit card acceptance, and other concerns.

19. ____ TRADE ASSOCIATIONS
    Research and contact trade associations for helpful information in starting your business, including market statistics and training opportunities. Consult the following directory source available at most business reference libraries: Encyclopedia of Associations, Vol. 1, National Organizations of the United States, Gales Research Co., Book Tower, Detroit, MI 48226, published annually. Includes lists, trade, business, professional, labor scientific, educational, fraternal, and social organizations in the U.S. and historical data.

20. ____ CHAMBER OF COMMERCE
    Contact your local and state chambers regarding their helpful services for new businesses in your community.

Vermont Chamber of Commerce
P.O. Box 37
Montpelier, VT 05601
Telephone: (802) 223-3443
Website: www.vtchamber.com

21. ____ ECONOMIC DEVELOPMENT AGENCIES
    Contact your city, county, and State of Vermont agencies for resources to assist you to start your business.

The Vermont Department of Economic Development publishes a useful booklet, Doing Business in Vermont.
Telephone: (802) 828-3080.
Regional development corporations can also assist businesses in securing financing.

Website: www.thinkvermont.com

22. ____ VERMONT SMALL BUSINESS DEVELOPMENT CENTER AND SCORE:

Contact an SBDC or SCORE Counselor through your local economic development corporation. Business counselors are available for free one-on-one assistance on the process of researching, starting, operating, expanding, and closing a small business.

SBDC Website: www.vtsbdc.org

SCORE stands for the Service Corps of Retired Executives, and they are volunteer business mentors.

23. ____ MANUFACTURING TECHNICAL ASSISTANCE
    Available from the Vermont Manufacturing Extension Center.

Telephone: (802) 728-1432
Website: www.vnec.org

24. ____ VERMONT WOMEN’S BUSINESS CENTER
    Assists women who are starting or growing their business. They offer resources, training, and networking opportunities for women statewide.

Website: www.vwbc.org

25. ____ MICRO BUSINESS DEVELOPMENT PROGRAM
    Assists low and moderate income Vermonters to start and operate micro businesses.

Website: www.vtmicrobusiness.org

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Other Sources of Business Assistance

26. ____ VERMONT WORLD TRADE OFFICE
    Promotes assistance with exporting your products and services.

Telephone: (802) 865-0493 or Toll-free (877) VTXPORT, in Vermont.

Website: www.vermontworldtrade.org

27. ____ VERMONT AGENCY OF COMMERCE AND COMMUNITY DEVELOPMENT
    This agency hosts economic development, housing, tourism, historical tax credit programs, and commerce.

Telephone: (800) 622-4553

Website: www.state.vt.us/dca

28. ____ VERMONT BUSINESS ASSISTANCE NETWORK
    This network connects Vermont businesses with the government opportunities, both state and federal, and a Vermont business directory. Also, download The Vermonter’s Guide to Doing Business, a handy reference at www.dca.state.vt.us

29. ____ VERMONT ECONOMIC DEVELOPMENT AUTHORITY (VEDA)
    Vermont offers a range of financing options to help businesses succeed.

Telephone: (802) 828-5627

Website: www.state.vt.us/veda 

30. ____ VERMONT DEPARTMENT OF TOURISM & MARKETING

Telephone: (802) 828-3237

Website: www.travel-vermont.com 

31. ____ VERMONT DEPARTMENT OF EMPLOYMENT & TRAINING
    Offers a full range of workforce related services and information through One-Stop Career Resources Centers, throughout Vermont.

Website: www.det.state.vt.us 

32. ____ DISADVANTAGED BUSINESS CONTRACTING WITH
             THE VERMONT AGENCY OF TRANSPORTATION
    Small business assistance in the form of Disadvantaged Business Enterprise (women and minority owned business) and other programs, which provide contract opportunities with AOT.

Telephone: (802) 828-2657

33. ____ VERMONT DEPARTMENT OF AGRICULTURE
    Is responsible for issuing licenses, certifications and standards connected with agricultural, pesticides, greenhouses and nurseries, grades and standards, weights and measures, and labeling. Ask for the Vermont Specialty Food Resource Guide if you are in that industry by calling (802) 828-2416.

Website: www.vermontagriculture.com/index.htm 

34. ____ VERMONT BUSINESSES FOR SOCIAL RESPONSIBILITY

Telephone: (802) 862-8347

35. ____ VERMONT GROCER’S ASSOCIATION

Telephone: (802) 775-5460

36. ____ VERMONT SPECIALTY FOOD ASSOCIATION

Telephone: (802) 828-3828

37. ___ VERMONT HANDCRAFTERS

Telephone: (802) 223-2636

38. ____ VERMONT LODGING & RESTAURANT ASSOCIATION

Telephone: (802) 660-9001

39. ____ VERMONT RETAIL ASSOCIATION

Telephone: (802) 879-6999

40. ____ VERMONT WOOD MANUFACTURERS ASSOCIATION

Telephone: (802) 828-3211

Website: www.vermontwood.com 

41. ____ VERMONT/NEW HAMPSHIRE DIRECT MARKETING GROUP

Telephone: (888) VTNHDMG

Contact: vtnhmg@vtnhdmg.org 

42. ____ VERMONT VENTURE NETWORK
    A monthly breakfast meeting to meet bankers, investors, and other entrepreneurs.

Contact: Kmerritt@merritt-merritt.com 

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Business Forms

All information contained in this section was obtained from the Vermont Secretary of State Website:

http://www.sec.state.vt.us/tutor/dobiz/tnstart.htm 

CHOOSING A BUSINESS FORM

Often, the first choice after deciding to start a business is deciding whether to operate the business individually or in the form of a "business entity." We are all familiar with certain types of business entities such as a corporation or partnership, but there are other types of business entities with names like "limited liability companies", "close corporations", and "limited liability partnerships". Surprisingly, one of the simplest ways to start a business is without forming a business entity.

A person can always do business under his or her own name, or even a trade name, as a "sole proprietor." No matter what you do, the form you choose will have legal and tax implications, which you must understand before you begin your business. While this guide can help educate you about some of the issues involved, it is always wise to have professional advice before you open the door to customers.

DOING BUSINESS AS A SOLE PROPRIETORSHIP
(Under One's Own Name and Under a Trade Name)

When a person decides to start a business, goes out and picks a location and opens the door to customers, that person is operating as a sole proprietor. Basically this means that the person owns all the assets of the business, and is personally liable for all debts of the business. A sole proprietorship is not a separate taxable entity, but rather income and expenses are accounted for on the person’s own income tax return.

For example a business such as "Jane Smith, Building and Contracting" means that Jane Smith is in the building and contracting business. When she buys supplies on credit at a store, she is responsible for the debt. If she damages a customer's property while she is working, she could be held liable for the damage. When she gets paid by a customer, the customer is paying her for her work. These are all the simplest elements of doing business as a sole proprietor.

A variation on doing business as a sole proprietor under one's own name is doing business under a "trade name." A trade name is simply a name that a sole proprietor uses instead of his or her own name. For example, instead of "Jane Smith, Building and Contracting" it could be Jane Smith DBA (doing business as) "Restoration Building and Contracting Services." All the tax and liability issues associated with doing business under one's own name are generally the same as doing business under a trade name. The only exception is that to do business under a trade name, a person must file a trade name registration with the Corporations Division of the Secretary of State's Office.

A trade name registration lets the public find out who is the real, live person that is doing business under the assumed name. If there is no filing with the Corporations Division, a customer, supplier, or creditor of the “Restoration Building and Contracting Services” would have no way of knowing that they are actually doing business with Jane Smith. In addition, it is the Corporations Division’s job to make sure that two businesses are not using the same name. Vermont law prohibits people from using any business name, including trade name, that is the same as, deceptively similar to, or likely to be confused with or mistaken for the business name of any existing, validly registered corporation, partnership, association or trade name.

Registration of an Internet ".com" name does not guarantee that you can register the same name with the Corporations Division. Any ".com" name must be available in Vermont before the Corporations Division can register the name. Likewise, registration with the Vermont Department of Taxes does not guarantee that you can register the same name with the Corporations Division.

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THE TRADE NAME FORM

The trade name form is relatively straightforward. Here are some important pointers about trade names: After receiving your application, the Corporations Division reviews it for form. The application will be denied if the name is the same as, deceptively similar to, or likely to be confused with or mistaken for the business name of any existing, validly registered corporation, partnership or association. Do not spend money on signs, stationery or other items until the Corporations Division approves your trade name application. To save time, your application can include two or three alternatives in case your first choice is denied.

A trade name may not include the words “Company,” “Corporation,” “Incorporated,” or “Limited,” or any abbreviation of these words, since these words imply that there is a corporation. While a corporation may operate under a trade name, its trade name cannot itself be a corporate name, that is, a name with a corporate ending.

Under the common law, a person claiming a pre-existing, established use of the name may challenge your right to register and use the name.

Effective 3/1/04, the fee to file a trade name is $40. The application must include the notarized signature of the applicant. The law requires that the application be filed no later than 10 days after a business starts. The filing is good for a period of 5 years.

Remember, whether you do business under your own name or a trade name, a sole proprietorship means that you are the sole owner, with all the responsibilities and liabilities that go along with a business. While a sole proprietorship is simple, it is not necessarily the best way to operate a business. Sometimes it makes sense to form a business entity for liability, business, or tax reasons.

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Financial Assistance Programs

Northern Community Investment Corporation

347 Portland Street
St. Johnsbury, VT 05819
(802) 748-5101
(802) 748-1884 Fax
E-mail: ncic@ncic.org
www.ncic.org 

Northern Community Investment Corporation offers financing strategies to meet the needs of businesses from small proprietorships to large firms that are major employers in the communities. Types of businesses assisted by NCIC span the economy and include manufacturing, services, wholesale and retail trade, transportation, utilities, and commercial and industrial development. NCIC serves Vermont’s Northeast Kingdom (Essex, Orleans and Caledonia Counties) and the North Country of New Hampshire (Coos, Carroll and Grafton Counties).

Programs

Direct Term Loans:

NCIC provides direct term loans ranging in size from a few thousand to $200,000 or more for businesses starting or expanding in the area. Usually, NCIC loans are made in conjunction with bank loans, often in a subordinate position. However, through its smaller loan programs NCIC may consider a request that is not bankable by conventional lending institutions.

Equipment Leasing:

NCIC provides “operating” leases as a option for funding equipment needs for an ongoing business. NCIC leasing can help a business that can neither afford the outright purchase nor the necessary down payment for conventional financing or leasing. The maximum amount of any lease or combination of leases for a single business is $50,000. Leases cannot be for motor vehicles, agricultural or forestry equipment.

Seasonal Line of Credit:

NCIC provides funds based upon seasonal needs in amounts up to $100,000 for periods not to exceed nine months. The purpose of this type of loan is to satisfy fluctuating seasonal working capital needs for the business.

Asset Based Loans:

NCIC provides funds up to $100,000 on a revolving basis in accordance with the varying working capital needs of a business. Financing is based upon an inventory and outstanding accounts receivable formula for a term of up to five years.

Small Business Administration (SBA) Microloans:

The SBA Microloan program was developed for those times when just a small loan can make the difference. Under this program, loans range from less than $1,000 to a maximum of $35,000, averaging about $10,000. The Microloan program provides small loans and technical assistance to small and emerging businesses. The maximum term is 6 years. Microloan funds may be used for working capital or to purchase inventory, supplies, furniture, fixtures, machinery and/or equipment. The funds may not be used to purchase real estate, to provide a down payment for real estate or, in most cases, to refinance existing debt.

Small Business Administration (SBA) 504 Program:

The SBA guarantees debentures to provide for new, long term, fixed asset business financing. Terms cannot exceed twenty years for real estate or ten years for equipment. The interest rate is fixed for the term of the loan. Generally the financing is structured with 10% from the applicant, 40% from the sale of debentures and 50% from bank financing.

Loan Guaranties:

NCIC guaranties up to 50% of a conventional bank loan or $75,000, whichever is less. The guaranties help small businesses establish banking relationships and fill the gap left by other existing loan guaranty programs.

Facilities Development:

NCIC provides assistance in the design, financing and construction of industrial or commercial buildings for businesses starting or expanding operations in the area. Terms are structured case by case.

Equity Investments:

NCIC provides equity or near-equity investments, usually between $50,000 and $200,000 for new or existing businesses with significant potential for growth. Investments are provided in conjunction with other financial participation and may be in the form of common or preferred stock purchase or a subordinated debenture with a predetermined “call” on ownership. The rate of return and duration of the equity investment are structured case by case.

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NORTHEASTERN VERMONT DEVELOPMENT ASSOCIATION

36 Eastern Avenue, Suite 1 76 Lakemont Drive
P.O. Box 630 Newport, VT 05855
(802) 334-5861
St. Johnsbury, VT 05819
(802) 748-5181 (802) 334-5862
Fax (802) 748-1223
Fax E-mail: nvdanort@sover.net 
E-mail: info@nvda.net 
www.nvda.net 

NVDA is the regional development and planning corporation. In addition to planning, zoning, and geographic information services, NVDA works on infrastructure improvements, assists companies relocating to the region, helps existing businesses to grow, and administers revolving loan funds. The regional Small Business Development Center is housed at NVDA and the two organizations work closely together on business development. NVDA also fosters key partnerships with the Northeast Kingdom Collaborative, the Northeast Kingdom Travel and Tourism Association, various chambers of commerce in the region, and federal and state agencies.

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ST. JOHNSBURY DEVELOPMENT FUND

This corporation was organized in 1956 for the purpose of promoting and increasing the general welfare of the inhabitants of the Town of St. Johnsbury, Vermont, and of neighboring towns, by endeavoring to induce industrial, recreational, agricultural and other enterprises to locate or remain in said towns; by providing financial and other aid or assistance to such enterprises; by furthering and promoting the general business interests of said towns, improving, extending and placing upon a safe and more permanent foundation the business and manufacturing interests of said town, and by holding such real and personal property as many be necessary or convenient for such purposes.

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VERMONT SUSTAINABLE JOBS FUND

58 East State Street
Montpelier, VT 05602
(802) 828-5320
(802) 828-5474
E-mail: wfawbush@veda.state.vt.us 

The mission of the Vermont Sustainable Jobs Fund is to develop and support projects throughout the state, which lead to the creation and retention of quality jobs, and to the protection and enhancement of Vermont’s human and natural resources. Grants and technical assistance will be available for collaborative activity (individuals working together to improve their businesses), including the development of flexible manufacturing networks, business clusters, and networks. A specific focus will be adding value to agricultural products that use the natural resource of grass. Emphasis will also be given to projects that utilize instate resources, produce market driven, high-value products, enhance the state’s natural resources base and are responsive to the needs of communities.

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ECONOMIC DEVELOPMENT COUNCIL OF NORTHERN VERMONT, INC.

155 Lake Street
St. Albans, VT 05478
(802) 524-4546
(802) 527-1081 Fax
E-mail: edcnv@sover.net 

The Economic Development Council of Northern Vermont, Inc. is a private, not-for-profit corporation. The Council is a U.S. Department of Commerce designated economic development district, established in 1975. Recognizing the lack of available financing for small business, the Economic Development Council has established three micro-loan revolving loan funds, The Fund, Northern Vermont Lending Partners and the Micro Business Loan Program, to meet those financing needs:

Programs

The Fund:

For-profit corporations, partnerships or proprietorships and non-profit development corporations are eligible for Fund financing. The applicants’ businesses must be located in Caledonia, Essex, Franklin, Grand Isle, Lamoille or Orleans counties. Northern Vermont Lending Partners: Businesses must be located within the counties of Chittenden, Franklin, Grand Isle, Lamoille or Washington.

Micro Business Loan Program:

Businesses must be within the counties of Caledonia, Essex, Franklin, Grand Isle or Orleans. The maximum loan provided by this program may not exceed $35,000 and the total project cannot exceed $105,000, i.e., a maximum of $70,000 may be provided from another financing source. The minimum loan is $500. A loan request of more than $15,000 required written demonstration that financing cannot be obtained elsewhere. Each prospective applicant must submit an acceptable written business plan. Personal and business credit checks are conducted for all loan applications. Businesses must have gross annual receipts of less than $500,000. Personal guarantees from company owners are required for all loans. Technical assistance is available at no charge.

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Vermont Economic Development Authority

58 State Street, Suite 5
Montpelier, VT 05602
(802) 828-5627
E-mail: info@veda.state.vt.us 
www.state.vt.us/veda

VEDA sparks business growth in Vermont with a wide range of low-cost lending programs for small and medium-sized businesses. VEDA works with business owners, lenders and development agencies, providing lending solutions that are customized to each client’s individual needs.

Programs

Vermont Job Start Program – Micro Business Lending Program
Vermont Job Start was created in 1978 to help develop self-employment opportunities for low and moderate income Vermonters. Vermont Job Start loans can be used to start, strengthen or expand small businesses in Vermont. Funds may be used to purchase equipment, inventory or for working capital. Vermont Job Start loans can be made in any amount up to $20,000. There is a lifetime cap of $20,000 to any one borrower.

Farm Operating Loan Program
The Farm Operating Loan Program can assist any borrower now eligible for financial assistance under the existing programs of the Vermont Agricultural Credit Corporation (VACC). These eligible borrowers include farmers and operators of agricultural facilities. It can also help farmers involved in the cultivation or use of land for the production of food, fiber, horticultural, orchard, maple syrup, Christmas trees or forest crops, and the raising of livestock. A farm operation may also include the storage, preparation, retail sale and transportation of agricultural commodities and accessories for the cultivation or use of such land. It may also benefit operators of agricultural facilities who are engaged in the business of producing, processing preparing, packaging, storing, distributing, or transporting agricultural products, which have been produced in Vermont. The maximum loan size is $100,000 for a dairy farm, and $50,000 for non-dairy eligible borrowers.

Agricultural Loan Payment Guarantee Program
To provide cash flow relief to Vermont Farmers.
Through the VEDA Subchapter 2 Insurance Program, VEDA will guarantee a maximum of 9 months of deferred principal and interest payments (up to a maximum of $100,000) granted to farmers on their outstanding debt with other financial institutions. Banks may enroll in the Program by entering into a Master Agreement with VEDA. They may then enroll loans using a one-page Certificate of Enrollment. More details may be obtained by calling 1-866-828-FARM.

VEDA has a number of other loan products for businesses. Contact VEDA for more information regarding its loan programs.

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THE VERMONT COMMUNITY LOAN FUND

15 State Street – P.O. Box 827
Montpelier, VT 05601
(802) 223-1448
(802) 223-1455 Fax
E-mail: vclf@vclf.org 
www.vclf.org 

Vermont Community Loan Fund (VCLF) is a private, statewide, nonprofit Community Development Financial Institution whose mission is to provide more equitable access to capital for Vermonters. Established in 1987, VCLF provides flexible rate loans and technical assistance for affordable housing, community facilities, and small and micro businesses. VCLF finances projects that add value to the state’s communities while providing opportunities for low-income Vermonters through its Housing and Community Facilities and Small and Micro Business Financing programs.

Programs

Small and Micro Business Financing
VCLF’s business financing program provides access to capital for small and emerging businesses that cannot obtain sufficient credit from traditional lenders. Market-rate loans are provided with flexible terms and a willingness to be in a subordinate position. The program targets businesses that add value to Vermont’s natural resources, are women owned or downtown located businesses, or are agriculturally related businesses, and are located in and/or benefiting low to moderate income residents. Special initiatives are childcare business, agritourism, and working landscape projects.

Housing and Community Facilities Program
In addition to lending to small businesses, VCLF provides below-market rate loans to nonprofit housing developers and community facility providers for affordable housing and community services. Financing is available for earnest money deposits, capitalizing reserve accounts, shares for cooperative housing, pre-development acquisition, construction and rehabilitation, equipment, mobile homes and housing destined for ownership.

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U.S. SMALL BUSINESS ADMINISTRATION (SBA)

The SBA offers numerous loan programs to assist small businesses. It is important to note, however, that the SBA is primarily a guarantor of loans made by private and other institutions.

SBA Bank Lenders serving the Northeast Kingdom

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Regional/Local Revolving Loan Funds

Many local and regional loan funds exist throughout Vermont. These funds have been capitalized from a variety of sources, many with federal monies. The administration of these funds is generally via a non-profit development corporation for the regional funds, while the local funds are most often overseen by the governing body with the help of a loan committee. The loan funds may be used in conjunction with other sources to leverage additional monies or independently finance the project.

St. Johnsbury-Lyndon (JayLyn) Revolving Loan Fund
Telephone: (802) 748-1265

Service Area: St. Johnsbury and Lyndon

Entrepreneurial Development – Business Counseling and Other Groups

SMALL BUSINESS DEVELOPMENT CENTER (SBDC)

Northern Vermont Development Association (NVDA)
P.O. Box 630
St. Johnsbury, VT 05819
(802) 748-1014
(802) 748-1223 Fax
(802) 334-5861 – Newport
E-mail: jfreeman@vtsbdc.org 

The SBDC provides management, marketing, financial and production assistance. They specialize in providing one-on-one counseling for small business problems. In Northern Vermont the SBDC’s Satellite Intake Center is located within the Northeastern Vermont Development Association. The Northeastern Vermont Development Association is the primary contact for the Vermont Department of Economic Development for businesses considering locating in the Northeast Kingdom. NVDA is in touch with and prospecting for in-state and out-of-state clients that will fit the region, including participating in recruitment efforts in the Quebec province. NVDA provides technical assistance for reviewing business plans and puts businesses in touch with appropriate state agencies for marketing assistance.

MICRO BUSINESS DEVELOPMENT PROGRAM

108 Cherry Street
St. Johnsbury, VT 05819
(802) 748-6048
(802) 748-0732 Fax
(802) 334-7316 – Newport
E-mail: mbdp@nekca.org 
Website: http://www.vtmicrobusiness.org 

Northeast Kingdom Community Action’s Micro Business Development Program was established to promote self-employment and business ownership as a means to strengthen the economic self-sufficiency of low to moderate income Vermonters and the economic vitality of our communities. They provide one-on-one business counseling, business planning, training and business loan application assistance.

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THE VERMONT WOMEN’S BUSINESS CENTER

Micro Business Development Program
108 Cherry Street
St. Johnsbury, VT 05819
(802) 748-6048
(802) 748-0732 Fax
(802) 334-7316 – Newport
E-mail: betsy@necka.org
Website: http://vtmicrobusiness.org 

The Vermont Women’s Small Business Program helps women evaluate business ownership as a possibility and gives them the necessary tools to put ideas in action.

They offer networking through roundtables, workshops such as “getting serious” to explore business ideas, self-assessment, and comprehensive business skills.

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THE CHILDCARE BUSINESS INITIATIVE

Micro Business Development Program
108 Cherry Street
St. Johnsbury, VT 05819
(802) 748-2597
(802) 748-0732 Fax
(802) 334-7316 – Newport
E-mail: cwright@necka.org
Website: http://vtmicrobusiness.org 

The Child Care Business Initiative provides support to child care providers in the Northeast Kingdom. They work with existing childcare providers, and people who are interested in starting childcare businesses. A Childcare Specialist can help with registering your childcare and business name, business plans, contracts and policies,

budgeting and cash flow projections, loan and grant applications, and bookkeeping.

They offer a no-cost specialized business class in April and October.

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SCORE

87 State Street, Room 205
Montpelier, VT 05601
(802) 828-4422, extension 217

The Senior Corps of Retired Executives (SCORE) assists prospective and established small business owners and managers identify problems, determine the causes and find solutions. Any small business can obtain help from SCORE. Whether you are considering starting your own business, have a business that is experiencing problems, are ready to expand, or need some other type of advice, SCORE can help.

NORTHEAST KINGDOM CAREER AND TECHNICAL EDUCATION CENTERS

Applied Technology Center of St. Johnsbury Academy
Telephone: (802) 748-8171

Lake Region Union High School
Telephone: (802) 754-6521

 

Lyndon Institute Technology Center
Telephone: (802) 626-1109

 

North Country Career Center
(802) 334-5469

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ST. JOHNSBURY WORKS!

P.O. Box 327
St. Johnsbury, VT 05819
(802) 748-2121
E-mail: stjworks@kingcon.com 
Website: www.stjworks.org 

St. Johnsbury has a designated historic downtown, and belongs to the National Trust for Historic Preservation’s Main Street network. Thus, there may be special consideration for building owners and businesses, and generous tax credits to help them improve their buildings. St. Johnsbury Works is designed to promote, improve and support St. Johnsbury’s cultural, social and economic development. Committees include Design, Promotion, and Economic Development. The organization works to help businesses stay and thrive. The group is a private nonprofit, and works closely with other groups who care about S. Johnsbury.

DOWNTOWN BUSINESS ASSOCIATION

Contact: Karen.Haskins@lyndonstate.edu 

The Downtown Business Association is a group of retailers and others who do business in St. Johnsbury’s downtown district. This is an excellent group from which to receive advice, mentoring, colleagueship, and news that can affect your business.

The group plans downtown retail events such as sidewalk sales and special incentives. Generally, this group meets on the 1st Thursday of each month at 8:00 a.m., at the St. Johnsbury Works office, Pomerleau Building (old Railroad Station), on Railroad Street.

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MARKET VERMONT PROGRAM

Department of Economic Development
109 State Street
Montpelier, VT 05609-0501
(800) 622-4553

The purpose of the Market Vermont Program is to promote, strengthen and capitalize on Vermont’s reputation for high quality products and services characterized by excellence in workmanship, service and value.

AGRICULTURAL MARKETING

Department of Agriculture, Development Division
116 State Street
Drawer 20
Montpelier, VT 05602
(802) 828-2416

The Department of Agriculture, Development Division, provides resources for the promotion of various agricultural products and works with commodity groups to improve market opportunity. Marketing representatives on staff help with promotion, marketing, packaging and support publications.

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COLLEGES

There are several colleges and universities in the Northeast Kingdom and nearby, which offer undergraduate and continuing education courses that relate to the practice of entrepreneurship, micro and small business. Contact the college or university nearest you for information regarding schedules and class listings.

University of Vermont
Website: www.uvm.edu

Community College of Vermont
Website: www.ccv.vsc.edu 

Lyndon State College
Website: www.lsc.vsc.edu 

Johnson State College
Website: www.jsc.vsc.edu 

Springfield College of Human Services
Website: www.spfldcol.edu/homepage/dept.nsf/shs 

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Northeast Kingdom Chambers of Commerce

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Trade Associations

Vermont offers a number of trade organizations for businesses. Here are a few of the major associations. For more information contact the Vermont Society of Association Executives, P.O. Box 1013, Montpelier, VT 05601 or visit the organization’s website: www.vsae.net. 

Associated General Contractors of Vermont, Inc.

Thom Serranni, Executive VP
48 State Street
Montpelier, VT 05602
Telephone: (802) 223-2374
Fax: (802) 223-1809
E-mail: info@agcvt.org
Website: www.agcvt.org

Associated Industries of Vermont

Sandra Dragon, President
P.O. Box 630
Montpelier, VT 05601-0630
Telephone: (802) 223-3441
Fax: (802) 223-2345
E-mail: Sandra@aivt.org

Barre Granite Association

John P. Castaldo, Executive Director
51 Church Street
Barre, VT 05641
Telephone: (802) 476-4131
Fax: (802) 476-4765
E-mail: castaldobg@aol.co
Website: www.barregranite.org

Home Builders and Remodelers Association of Northern Vermont

Joe Sinagra, Executive Director
2822 Saint George Road, Suite 2
Williston, VT 05495
Telephone: (802) 879-7766
Fax: (802) 879-0553
E-mail: jsinagra@vtbuilders.com
Website: www.vtbuilders.com

National Federation of Independent Business/Vermont

William Adams, State Director of Governmental Relations
P.O. Box 301
Montpelier, VT 05601-0301
Telephone: (802) 229-6380
E-mail: wadams@capitalstrategies.net

Vermont Association of Realtors

Gar Anderson, Executive VP
148 Main Street
Montpelier, VT 05602
Telephone: (802) 229-0513
Fax: (802) 229-0995
E-mail: gander07@realtor.com
Website: www.vtrealtor.com

Vermont Lodging & Restaurant Association

Kathleen Sweeten, Director
Three Main Street, Suite 106
Burlington, VT 05401
Telephone: (802) 660-9901
Fax: (802) 660-8987
E-mail: kathy@visitvt.com
Website: www.visitvt.com

Vermont Retail Association

Ann Lindberg, Executive Director
71 Lincoln Street
Essex Junction, VT 05453
Telephone: (802) 879-6999
Fax: (802) 879-6419
E-mail: vtretail@juno.com
Website: www.vtretailers.com

Vermont Attractions Association

P.O. Box 1284
Montpelier, VT 05601
Telephone: (802) 229-4581
Fax: (802) 223-4257

Vermont Hand Crafters, Inc.

367 Weed’s Lane
Enosburg Falls, VT 05450
Telephone: (802) 933-2420
Toll Free: (800) 373-5429
E-mail: vthndcft@together.net
Website: www.vermonthandcrafters.com

Northern New England Tradeswomen, Inc.

189 North Main Street, Unit #9
Barre, VT 05641
Telephone: (802) 476-4040
Fax: (802) 476-3346

Vermont Campground Association

P.O. Box 264
Bennington, VT 05201
Website: www.campvermont.com

Vermont Wholesale Beverage Association

26 State Street, Suite 8
Montpelier, VT 05602
Telephone: (802) 229-4900
Fax: (802) 229-5110
E-mail: kse@kse50.com

*** end of Resource Guide

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