Vermont’s Downtown and Village Center tax credit program is one of the primary benefits of Downtown and Village Center designation, and supports revitalization in community centers across the state. In 2020, $2,600,000 in state income tax credits are available to projects that enhance the historic character and improve building safety of older and historic commercial and community buildings in these designated communities. The credits support general rehabilitation work, code compliance work, and façade improvements, and may be combined with the federal program.
 
Applications for the next round of tax credits are due Wednesday July 1, 2020 and the Vermont Downtown Board will make is allocation decisions by mid-August. The guidelines and application can be found here- program guidelines and application. If you are not able to gather required attachments due to the Covid-19 Pandemic, contact Caitlin Corkins to discuss possible extensions. We also encourage applicants to reach out to Caitlin with any other questions about the program or the application.
 
Finally, stay tuned for an upcoming webinar opportunity which will cover program basics, the scoring criteria, and how to compile a competitive application. Applications must be submitted electronically to [email protected] or to:
Caitlin Corkins
State of Vermont
Division for Community Planning & Revitalization
One National Life Drive
Davis Building, 6th Floor
Montpelier, VT 05620-0501

​The potential resources for business owners, related to COVID-19 challenges, are in the process of being developed, on both the state and Federal level.
The first one will be the SBA EIDL program. Other state and local options will also likely be coming on-line in the coming days, weeks and months. We do not yet know the specifics of any future program and, as difficult as it is at the moment, it may be wise to get a better lay of the land before immediately proceeding with the EIDL program.  Some programs may work better for some types of business than others and it is unclear how different programs will work with others.
What is important to know:

1. The SBA EIDL is a low interest, long term loan that has a fairly detailed list of requirements. VtSBDC Advisors are trained in assisting with this application process.
2. EIDL is a working capital loan that covers the gap between expenses and revenues for a period of time (whether that be a complete or partial reduction of revenues from the same period last year). It does not cover lost sales.
3. EIDL will take into consideration other loans that you have secured in relationship to COVID-19 (remember – programs are still being created). So all loan options should be considered in concert.
4. Other loan options should also be explored (in addition to discussions with current lenders about temporarily reducing current loan payments, and asking for other expense reductions) if immediate cash is needed as the loan process from application to disbursement will take a minimum (not counting prepping your application) of 6 weeks.
5. Currently there are no grants or “free” monies available to small business.

As part of your preparation to apply for any loan option, you should make sure the following is in order and all documents are ready to be uploaded electronically:

1. A list of actions that you have taken in response to COVID-19, and direct impact you have seen. For example: 3/17/20 “laid off 2 employees” {names, # of hours typically worked and pay rate} and directed them to unemployment. Return to work date given with the date). This list will help identify economic impact.
2. Have the following financial records up to date:
   1. Profit and Loss
   2. Balance Statement
   3. Sales records for 2019 and 2020 to date (this should come from QuickBooks or your POS or whatever system you use to capture daily income). Showing the actual impact on revenues is the basis of economic impact lending.
   4. Three years of completed tax returns (personal and business). If 2019 is not complete, then a 2019 Profit & Loss Statement.
   5. Up to date Accounts Payable.
   6. Up to date Accounts Receivable.
   7. An up to date list of your collateral (including your personal real estate) with item description and current replacement value.
   8. A list of monthly expenses/ revenues projected for the next 6 months. These can be estimates and can have multiple scenarios depending on whether you are staying open at full capacity/reducing open hours/closing. At this point this should be constructed based on your Profit and Loss for the same months last year: March – August.

 
Training programs will be forthcoming.
Business assistance will continue to be provided by and available from VtSBDC (vtsbdc.org) and the Regional Development Corporation in your region.
Please contact either SRDC – Bob Flint- 802-885-3061 – [email protected]

The Town of Chester would like to extend an invitation to get involved in your community.  There are volunteer positions that are open for reappointment.  These are great opportunities to serve your community and get involved.

• Planning Commission Member  - 3 year term
• Development Review Board Member – 3 year term         

                              
All interested parties should send their letter of interest no later than 3:00 p.m. on March 12, 2020 to the Town Manager’s Office at the Chester Town Office, P.O. Box 370, Chester, Vermont, 05143, or contact the Chester Town Office at 875-2173.

To support its community beautification projects, Chester Townscape is offering a small tree (Pagoda Dogwood) and three wonderful shrubs (Winterberry, Little Quick Fire Hydrangea, and Aronia Low Scape Mound).  All are extremely hardy and adaptable plants with colorful blossoms and multi-season interest.  These reliable, low-maintenance plants are nursery grown and good size.  They are offered to the public at below regular retail prices and would make excellent additions to anyone’s property or memorable presents for birthdays, anniversaries, Mother’s or Father’s Day, house-warming events, and more. 
 
Buyers do not have to be Chester residents; but do have to preorder and pay before April 1 and then pick up the plants, likely in the first week of May, from Sunshine Acres Nursery on Route 11 in Chester.  Click here to download the informative and colorful order form that gives details about the plants, their prices, and where to send the check and order.  For more information, contact Lillian Willis at 802-875-1340, or [email protected].
 
Lillian Willis, Vice Chair
Chester Townscape
802-875-1340
[email protected]

​The Chester-Andover Family Center, as a 501c3 Charitable Non-Profit Organization, relies on donations from local citizens, friends from “away” and businesses to fund our community based social programs. Our Food Shelf serves over one hundred families a month, providing nutritious, supplemental food. Our financial assistance program provides heating assistance and  help with paying bills for necessities of daily living such as rent, electricity or car repair. 

There will be two Public Meetings on this topic; one on September 25th and another on October 23rd 
 These meetings will start at 6:30 PM and be held at Town Hall 
There will also be an informational meeting on November 4th at 6:00 pm; a day before the bond vote