Revolving Loan Programs
Burlington has two revolving loan fund programs whose primary objective is to support locally-owned businesses and industries that were impacted or disproportionally impacted by the COVID-19 pandemic, with particular focus on BIPOC, women-owned, and other underserved businesses. Both programs are no-interest and Sharia law compliant and provide much needed access to capital to those who have been traditionally excluded from traditional financing. These programs are not for businesses that are able to access commercial loans.
Learn more about the Kiva Micro-lending Program and the Burlington Revolving Loan Program and our eligibility requirements below. Unsure of which may best fit your business needs? We encourage you to reach out to business@burlingtonvt.gov to schedule a time to chat.
Who is eligible for one of Burlington's revolving loan fund programs?
- The place of business must be within the City of Burlington. This is defined as brick-and-mortar businesses in Burlington, home-based businesses in Burlington, or businesses who operate in Burlington for the majority of the year (whether a business qualifies as a Burlington business will be determined by the Loan Review Committee)
- Applicants must be current on taxes and terms of existing City financial assistance.
- Applicants must be a registered business with the State of Vermont.
- Loans may only be used for working capital, inventory, equipment, rent, furniture and fixtures.
- Loans may NOT be used to support national brands, refinance existing debt, or support a business in the industries of firearms and cannabis or liquor stores and smoke shops.
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Kiva Micro-lending Program
In partnership with Kiva, the City of Burlington is offering a micro-lending program for micro-businesses in need of loans of $1,000 to $15,000. Kiva loans have 0% interest rates, no fees, and terms of 12 to 36 months. Businesses must meet with the BWD team prior to applying. To learn more, explore the links below.
- Kiva Micro-lending Program Guidelines
- Kiva Application and Loan Process
- Kiva Lending Process
- Check out current and past borrowers
Burlington Revolving Loan Program (BRLP)
The BRLP is a City-managed program for more established businesses and larger start-ups and offers loans ranging from $10,000 to $40,000. Loans are all 0% interest with terms of 3 to 5 years. BRLP loans require a $25 application fee and an administrative fee of 2% of the total loan amount at closing. The BRLP application is in two parts with the link to Part 1 below. Learn more about the application process by exploring the links below.
- BRLP Guidelines
- BRLP Application - Part 1 (PDF) BRLP Application - Part 1 (Word)
- BRLP Application Checklist
- Tips for filling out the BRLP application