Magic Mountain gets financing for new chair lift
LONDONDERRY — Magic Mountain Ski Area was one of several small businesses to be granted a loan from the Vermont Community Loan Fund in the 2019 fourth quarter.
First opened in 1960, Magic Mountain was purchased by new owners in 2016. Since taking over the mountain, they've grown their revenues in every category, with annual skier visits increasing by 30 percent. Hoping to continue that growth, they came to VCLF for help financing a new quad chairlift, along with new marketing strategies. The loan helped preserve six fill-time, year-round jobs and 85 part-time seasonal jobs. An additional six jobs will be created, according to Magic Mountain.
The VCLF loaned $660,476 to Vermont's small businesses, early care and learning programs, affordable housing developers and community facilities in the fourth quarter of 2019, promoting job creation, expanding access to quality care, affordable homes and provision of vital community services throughout Vermont. The last quarter capped off a strong year for VCLF: 38 loans totaling $4,468,857, leveraging another $11.7 million in project funding from traditional lenders and public and private sources. Last year, VCLF says its financing created or preserved jobs for 338 Vermonters, quality early care and learning serving 236 children and families, and built or rehabilitated affordable homes for 150 Vermont households.
On December 31, 2019, VCLF's loan portfolio consisted of 239 loans with $31 million outstanding, representing employment for 2,213 Vermonters, quality care for 1,379 children and families, affordable homes for 1,081 families and essential services for 35,141 Vermonters.
"The Vermont Community Loan Fund is proud to help finance Vermont's innovative entrepreneurs, early care and learning providers, affordable housing developers and community facilities throughout our state," said VCLF Executive Director Will Belongia in a statement.
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