Jay-Lyn Fund Turned-Over

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Created on Wednesday, 29 October 2014 16:16

Written by Cassandra Bernier

NORTHEAST KINGDOM- The Northern Community Investment Corporation is the new home for the Jay-Lyn Revolving Loan Fund.

 The Revolving Loan Fund was started in 1995 to help promote area development. Hundreds of thousands of dollars have been distributed for the funding for business startups, as well as providing help to those who are recovering from disasters. One situation where the Jay-Lyn Fund helped out was the major fire on Railroad Street that happened back in 2012.

Since 2001, there has been major controversy regarding the fund, including borrowers not paying their loan back. Another major issue that happened in the past was that at one point, the records went missing.

Now, Saint Johnsbury's Selectmen have voted to turn over the Jay-Lyn Revolving Fund to Northern Community Investment Corporation (NCIC). The group will handle loan applications, administer the loans, and collect any money that is owed.

St. Johnsbury was the loan's "Official Administrator," but the loan fund was a joint venture between St. Johnsbury and Lyndonville.

At this point, it seems that Lyndonville will also follow the footsteps of St. Johnsbury and let NCIC handle their part of the deal as well.