In 1996, the Town of Canaan was awarded a $750,000 Community Development Grant to support economic development in the region. The Town loaned the majority of these funds—after covering administrative and management costs—to Ethan Allen, Inc. of Beecher Falls for the construction of a new facility and the purchase of machinery and equipment to support local manufacturing operations.
Ethan Allen, Inc. successfully repaid the loan in full by 2011. The repaid funds were then placed into the Canaan Revolving Loan Fund, allowing the Town to continue using the money to support future economic and community development initiatives.
The Canaan Revolving Loan Fund is intended to enhance the quality of life in the communities of Canaan, Norton, Averill, Warren’s Gore, Avery’s Gore, Warner’s Grant, Lewis, Lemington, Bloomfield, and Brunswick. The fund supports projects that increase economic activity, create jobs, provide additional affordable housing, rehabilitate existing housing, and improve public facilities.
To the greatest extent feasible, these goals are achieved by providing loan assistance to individuals, businesses, and organizations whose projects benefit low- and moderate-income families and households within the region. Through this program, the Town of Canaan continues to reinvest these funds in ways that strengthen the local economy and support sustainable community development.
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