By Michael Bielawski

It’s been in headlines that at least one Vermont community is getting a large line of credit – $8 million – potentially from a locally owned bank. The head of one such bank was able to share how they are working with communities to help them make repairs while maintaining economic stability.

“It’s deeply personal,” said Jim Kisch, the President of Passumpsic Savings Bank. He added, “Our employees are impacted.”

He spoke with VDC by phone on Monday, Aug. 19.

He couldn’t share specific examples of deals made with towns but he generally said that his institution is working closely with communities to keep them financed through these challenges.

The small central Vermont Town of Plainfield is facing potentially $15 million in repairs to several downed bridges and washed-out roads. Kisch said that’s the kind of situation that a local bank can help with.

“We have all the tools that a commercial bank would have,” he said. He added that local deposits are used to make the loans.

The Caledonian Record reported that the Town of Lyndon received the $8 million line of credit. Passumpsic Bank is listed as one of three banks their select board would consider an offer from.

Kisch said that all of his staff members at least know of someone who was impacted.

“Chiefly it’s just that we’re impacted too, I don’t know where our bank ends and the community begins,” he said.

VDC was informed by the Plainfield town clerk and treasurer Bram Towbin that getting money from the federal government via FEMA takes time. They have to wait until they know exactly how much money they will get before they can tell the public how much more assistance they need.

A story commenter gave another example of a community that took severe flood damages and expects to wait several weeks before federal money arrives.

Melissa Casey wrote, “Interesting report out of Oxford, CT yesterday. The town of Oxford suffered considerable damage from torrential downpours causing a flash flood. The reporter “on the scene” of one washed out road, stated it could take several weeks or months for a federal response – she actually said it twice.”

Vermont’s struggles with flooding has garnered national news attention including an Associated Press Report that came out on Tuesday.

It states, “Two bouts of flooding from storms in July has hampered businesses and destinations in an economically depressed section of northern Vermont, with some still closed as they continue to repair damage and others urging visitors, who were deterred by the weather, to make the trip.”

The story continues that communities that rely on tourism for mountain biking are an example of those who are struggling with damaged roads, bridges, and trails.

In late July WCAX wrote a report focused on the challenges that farmers are facing. They wrote, “According to a survey from the Vermont Agency of Agriculture, there are more than $2.5 million in losses.”

The report also states that farms lost more than $16 million during the prior year’s floods.

In addition to banks, the state government is also offering funds to help flood-stricken communities. NBC News reported earlier this month that “[Governor Phil Scott] said an emergency board meeting approved additional funds for the Business Emergency Grant Assistance Program (BEGAP) to help businesses reopen following last month’s flooding. A total of $12 million will be available for the program, with $7 million approved earlier this week.”

The author is a writer for the Vermont Daily Chronicle