The city of Burlington, Vermont is launching a small business revolving loan program.
The two-tiered zero interest revolving loan program is intended to stabilize and support small business growth. The City Council approved the use of $500,000 in ARPA funds to start the program. The funds are intended for underserved businesses that traditionally face barriers accessing capital and will initially focus on BIPOC and women-owned businesses.
The first tier are loans between $1,000 and $15,000 to microbusinesses. The second tier provides loans between $10,000 and $40,000. Businesses must be within the city of Burlington.