In 1984 Mayor Bernie Sanders’ instituted CEDO’s revolving loan program, which was self-funded via federal grants.
Burlington at the time was faced with vacant storefronts, fleeing businesses, and general disinvestment. The national economy was experiencing a high unemployment rate, and Burlington was no exception.
“CEDO’s award-winning efforts to build a “vibrant, healthy and equitable city” have been praised for going beyond a city’s typical economic development programs. They include assistance to small businesses and promoting community engagement through programs such as Burlington’s neighborhood planning assemblies. CEDO’s revolving loan program has provided more than $10 million in loans to more than 140 small businesses since 1984. And its work is credited for landing Burlington on “most livable cities” lists in several magazines and other publications.”
“Community development done right might just be one of the more important things we can do to save America.” – Bernie Sanders