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.

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.