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Bennington, Vermont Considers Boosting Business Loans

The town of Bennington, Vt., is looking at boosting the amount people can borrow under its business loan program.

The proposed change would allow people to borrow from $25,000 to $100,000 to start or expand a business.

Officials tell the Bennington Banner the language and requirements of the existing municipal loan program date back to the late 1990s. They said commercial banking and lending requirements have changed a lot since then.

The town is also looking to update the application process, too. The town would require a full business plan and information on collateral that applicants are putting up against the loan.

Copyright 2012 Associated Press. All Rights Reserved.