The Micro-Loan program was started with a Community Block Development Grant in 1994 as a way to create or retain jobs in the Phillips/Avon/Madrid area. The original grant money has been loaned out and repaid so the program is now totally run by the Phillips Area Micro-Loan Committee under the supervision of the town of Phillips as the “lead town.” This revolving loan program has now loaned out a total of $227,000 to the businesses in our towns. There were no new loans during this past year.
Micro-Loans are available for commercial ventures located in Avon, Madrid or Phillips. Owners of the businesses do not have to be residents of these towns. Micro-Loans might be used, for example, for bridge loans, or where there are credit problems or when more money is needed than a bank is willing to lend. Micro-Loans are available in amounts from $2,500 to $25,000 with interest rates below market. Loan terms can be up to 15 years. The loan must be fully collateralized. There is no application fee but other costs such as title search and preparation of loan documents and filings will be the responsibility of the borrower. These costs can be added to the loan or paid outright by the borrower.
Anyone interested in finding out if the Micro-Loan program is right for you should stop in at the Phillips or Avon town offices to get more information and to pick up an application. Free professional assistance is available in filling out the application.
The 2021-22 Micro-Loan Committee was composed of the following members appointed by the Phillips and Avon Selectmen and the County Commissioners. Phillips members: Co-Chairs: Sylvia Lambert and Sarah Zmistowski, Vacancy~ Avon members: Brandy Tanner, Ian Reinholt ~Madrid members: Secretary: Ginni Robie, Anna Plog ~Maureen Haley, Phillips Town Manager (ex officio) The Committee meets semi-annually unless there is an application to be reviewed.
Stop in at your Town Office to learn more about the Program. Brochures are available at your town office and various other places in our communities including the kiosk at Edmunds’ Market . – The Phillips Area Micro-Loan Committee.
The Committee would love to have ALL the dollars loaned out because that would mean that the economy is growing in the area!
All applications and loan information are confidential.