Small Business Loan Program

Winooski Small Business Loan Program COVID-19 Relief Loans - 4.8.20

In response to the profound impacts of the COVID-19 pandemic on the Winooski business community, the City of Winooski has adapted the Winooski Small Business Loan (WSBL) Program to provide businesses with emergency loans to assist them in bridging this difficult time. The new Tier 4 COVID-19 Relief Loan through the Winooski Small Business Loan Program offers businesses a 0% interest rate for the first 24 months of the loan term through a City interest rate buy-down and defers the principal payments for the first four months of the loan. This proposed loan structure will allow businesses leeway while they remain under mandatory closure orders and is serviced by Opportunities Credit Union.


  • total funds available: $200,000
  • maximum loan: $10,000
  • loan term: 5 years
  • interest rate: 5.25% for the first 24 months, at month 25 rates adjust to Opportunities Credit Union’s standard business rate
  • interest rate after WSBL City buy-down: 0% for first 24 months
  • payments: interest-only for the first 4 months, with interest rate buy-down by the City fund to 0%. (first 4 months payments from borrowers = $0)

Criteria for Qualifying

Please send applications, authorization forms, and questions you may have to:

Timothy Carpenter, Opportunities Credit Union Senior Lending Manager:

Program Overview

The Winooski Small Business Loan Program expands the City’s commitment to economic vitality by providing access to financing for new and existing businesses in Winooski. The $250,000 small business revolving loan fund will be serviced by Opportunities Credit Union and offers loans from $5,000 to $75,000. The program is designed to financially assist any new or existing small business in Winooski that will:

  • create or stabilize employment opportunities;
  • reduce commercial vacancy rates in the City;
  • provide desired goods and services for our community; and
  • contribute to the economic vitality of the City.

The purpose of the Winooski Small Business Loan (WSBL) program is to assist Winooski businesses in obtaining financing for a wide range of business needs including, but not limited to, equipment purchases, leasehold improvements, and major repairs. Businesses that meet specific criteria may be eligible for interest buy-downs on their loans.


  • The maximum loan from this program is $75,000. The minimum loan amount is $5,000
  • The maximum loan term is 7 years unless otherwise provided by regulation, guarantee or OCU Small Business Lending Policy.
  • The area served by the WSBL program shall include the geographical limits of the City of Winooski, Vermont

View the full list of Small Business Loan Program guidelines. 

“A thriving business community does not happen by accident. It takes countless hours of hard work, courage, creativity, and dedication on behalf of the business owners. Winooski thrives off of the vibrancy created by our small businesses, and as a city, it is critical that we take steps to support their success. The Winooski Small Business program will ensure our community is a place where businesses can succeed, making Winooski an exciting place to live and visit. ”

– Seth Leonard, former Mayor of Winooski

“The City is committed to supporting and growing our thriving business community. The Small Business Loan Program is an incentive for new businesses choosing to locate in Winooski, as well as a boost for existing businesses seeking to expand.”

– Heather Carrington, Community and Economic Development Officer

For more information about the program or to apply, contact Heather Carrington, Community and Economic Development Officer: / 802 655 6410