Eligibility

Eligibility Criteria
  • Eligibility shall be limited to any private corporation, partnership, cooperative, or proprietorship located in or relocating to the City of Montpelier.
  • Eligible businesses must also be located in or relocating to the Designated Downtown District.
  • Enterprises must have an acceptable business plan and have demonstrated access to and use of appropriate technical assistance.
  • Sufficient financing must be unavailable through conventional lending sources.
A Business Must Also
  • Be current on local, state, and federal tax payments and applicable municipal service charges
  • Demonstrate site control
  • Have a history of compliance with applicable regulations and permits
  • Be managed by principals who have not been convicted of a felony within the past three years
  • Request loan amounts that do not exceed $5,000 for each full time equivalent job created or retained
  • Create or retain jobs primarily available to low and moderate income persons
  • Create new or expanded business that do not displace housing
  • Not place unusually high demands on municipal services
  • Operate with all necessary municipal, state, and federal permits
Eligible Uses
This Loan Fund has been established to fill gaps in other business financing sources. Loan funds may be used to start, expand, strengthen, or relocate business. Eligible uses include but are not necessarily limited to:
  • Accessibility improvements
  • Marketing expenses
  • Operating capital
  • Purchase of inventory, equipment, materials, supplies, etc
  • Remodeling or renovations
Loan funds may not be used for refinancing existing debt. An approved borrower must use the loan proceeds only for the uses specified in the loan approval.

Low & Moderate Income Limits
Household Size Annual Income
1
 $35,050
2
 $40,050
3
 $45,050
4
 $50,100
5
 $54,100
6
 $58,100
7
 $62,100
8
 $66,100
These income limits are provided by the United States Department of Housing and Urban Development and are updated periodically.