Funding for Island Businesses
The VHCDP Community Loan Fund
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VHCDP is focused on supporting the economic vitality of Vinalhaven and encouraging essential and desired services and businesses on the island. One of the ways we can accomplish that is to help fund new or expanding business.​ Thanks to the generosity of our donors, VHCDP has established a revolving loan fund to provide financial support to new and expanding island businesses.​
Background Info​
The VHCDP Community Loan Fund is a new revolving-loan program that offers low-interest, short-term loans (typically one to five years) intended to supplement other funding sources and help an owner execute a business plan. Some examples of loan purposes are:
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launching a new island business
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making renovations for business space
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expanding an existing business
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purchasing essential pieces of equipment
VHCDP loan amounts may vary depending on the individual situation and available funds. Consideration is given to:
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the type of business and how essential its services are to the community
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the quality of the business plan
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the financial strength of the borrower
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how many jobs could be created
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how the business will benefit the overall community
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Eligibility
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Applicants must be businesses that are or will be based on Vinalhaven
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Loan awards from previous fiscal years will not disqualify applications
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Applications will be accepted and reviewed on a rolling basis
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Application Process
Our loan application process is straightforward. Specific application requirements include completing an application form and submitting support documentation including items such as bank and credit card statements, copies of recent tax returns, and a written business plan. (A sample business plan worksheet is available here.)
A representative from VHCDP will contact you within two weeks to confirm receipt of your application. If additional information is needed to evaluate your application, we will contact you.
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​The VHCDP loan subcommittee confidentially reviews all application materials and makes recommendations to the VHCDP Board of Directors, which approves and administers all loans.
Please note that the VHCDP Board preserves the confidentiality of personal financial information or business plans you may provide, but VHCDP may reveal loan recipient business names and loan amounts as public information.
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Time length to complete
The VHCDP loan application form should take about 20 minutes to complete once you have assembled all required information and materials. Please note that our online application form requires you to complete and submit the application form in one session; your work cannot be saved for later modifications.
Prefer to work offline?
If you would prefer to work offline, you can download a pdf version of the application
form and complete it at your convenience, then submit it with supporting documents via
email to info@vhcdp.org. Click here for a downloadable pdf copy of the loan
application form.
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Need assistance or have questions?
If you want to learn more about a loan from VHCDP, or need assistance with the application process or in developing a business plan, please contact us at info@vhcdp.org and we'll arrange a call to discuss.​
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Ready to apply?​
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​​​Interested in supporting this program?
If you would like to make a donation to help underwrite our loan program, VHCDP welcomes your contributions through a variety of convenient methods accessible here.
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