Vermont Community Loan Fund receives new investor

The Vermont Community Loan Fund has received a $2 million investment from Bank of America Merrill Lynch.

The fund's Executive Director Will Belongia says the investment will allow his organization to provide financing for small businesses and affordable housing.

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Republican Gov. Phil Scott announced the investment Thursday at Burlington-based business Mamava, which manufactures privacy pods for breastfeeding mothers.

Founder and CEO Sascha Mayer says financing from the fund helped her grow into a business with 21 employees with manufacturing based in Springfield. The company has placed their pods in airports, aquariums and offices, and recently acquired a contract with Amtrak.

The fund has $42 million in assets. Belongia says the average loan is around $100,000.