The VEDA Short Term Forgivable Loan Program was made possible in part by a grant from the State of Vermont through the Agency of Commerce and Community Development, Department of Economic Development.
General stores are a staple of Vermont culture. A gathering place, a quick sundry stop, and at times a gossip hub.
The state’s oldest of these establishments is the Putney General store, which has served its community since 1796. Its website boasts everything from cat litter to WD-40 in addition to pantry staples.
And much like Vermonters’ characteristic hardiness, the store has endured — it burned twice and was revived twice before its owner, Mike Cosco, took the reins.
Cosco and wife Kim bought the store after local historical society volunteers had worked to run it. Joining the town fully was important to Cosco — he said, “This is a building literally built on their hard work, their blood, sweat and tears. It felt like they wouldn’t let us fail, no matter what.” So, they did it. Feeling almost a calling to Putney, the Coscos packed up their lives and moved in 2019, to run a business five times the size of the one they had been running.
After a few bustling months of meeting customers and vendors, setting up and settling in, the COVID-19 pandemic all but shut down the economy.
“That was really bizarre timing,” Cosco said.
The store never closed. Not for a day. People relied on it, Cosco said, and despite the fuzziness, the “is this real?” and the uncertainty, the community and its general store came together in a unique way.
“That experience kind of solidified our relationship, we were there, we went through that together,” he said. “It shows these people who came from out of town, what we’re willing to do to survive.”
One thing he was willing to do was learn about VEDA and the ways in which it could help them weather the economic storm. It all happened quickly, Cosco said. Filling out forms, looking at numbers, and getting the money where it was needed. If not for VEDA, “It would be pretty precarious,” for the store.
Through working with VEDA, Cosco was able to borrow in the form of a forgivable loan and also acquired a home equity line elsewhere, together adding an extra level of security to his portfolio — just in case.
“So I’d probably be taking loans and hoping to pay them off later this year or over the next couple of years. I’m determined to not let the business fail.”
