MONTPELIER, Vt.–Vermont State Employees Credit Union has partnered with a local crowdfunding company, Milk Money L3C, to empower entrepreneurialism and drive local business development.
The credit union is making an equity investment in Milk Money through its CUSO, Vermont Heritage Financial Group (VHFG), as part of what it said is the first official initiative as part of VSECU’s new vision, which is to leverage the credit union’s scale, capacity and cooperative principles to foster social, environmental and financial prosperity throughout Vermont.
“Our mission has long been to improve the lives of all Vermonters, and our new vision is really a renewed focus on that mission in a very literal sense,” said Rob Miller, CEO of VSECU, said in a statement. “With our large scale and reach across the state, we are in a very unique position to bring people together and empower the possibilities to help tackle some of Vermont’s economic and social challenges. Fostering positive social and economic change enhances the communities in which our members live, creating a real impact on our members outside of our financial products, and that’s our ultimate goal.”
Milk Money was founded in February 2015 to take advantage of the “invest local” opportunities being offered by the Vermont Small Business Offering (VSBO) regulatory changes that went into effect in July 2014. Vermont entrepreneurs are able to post fundraising campaigns on www.MilkMoneyVT.com to solicit equity/debt investments from any Vermont resident.
Milk Money’s co-founders will continue to manage the day-to-day operations, while the VSECU investment will be used to grow its crowdfunding platform and entrepreneurial support services. According to VSECU, its members will also benefit from the relationship through increased access to investment and entrepreneurial educational programs, as part of this new partnership.