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Vermont Computing Co-op Pays It Forward with the Vermont Employee Ownership Loan Fund

In late 2014, Vermont Computing of Randolph was purchased by its employees, with financing support from the Vermont Employee Ownership Loan Fund (VEOLF), and became the Vermont Computing Cooperative. We're excited to announce that, four years of hard work later, they've successfully paid off their loan, which will hopefully mean larger shares of surplus in coming years for their worker-owners!

It also means that the funds they've paid back, plus a bit of interest, will be available for another group of employees seeking to convert their workplace to employee ownership. For groups employees of modest means, raising the capital to buy a business can be challenging, so the VEOLF exists to help cover collateral and/or equity gaps with patient, subordinated capital. The fund can currently lend up to $50k per deal but, as the fund grows through its beneficiaries like the Vermont Computing Co-op paying back their loans, we hope we'll be able to increase that maximum.

With this latest repayment, the Fund's available capital is now approaching $100k, so we're keeping our eyes peeled for opportunities to help more Vermonters own their work. If you're interested in learning more about the VEOLF and/or how a business can become employee-owned, please reach out to info@veoc.org!

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