Flexible Capital Fund

What Flexible Capital Fund does

The Flexible Capital Fund, L3C ("Flex Fund") is a Vermont-based Community Development Financial Institution founded in 2011 and managed by the Vermont Sustainable Jobs Fund. It provides growth-stage capital to New England companies in sustainable agriculture and food systems, forest products, renewable energy, and clean technology, filling a gap in the capital continuum between traditional bank debt and venture equity. Its core products are revenue-based financing (RBF), subordinated debt, and near-equity/mezzanine capital, often combined with technical assistance, mentoring, and CEO advisory services drawn from the fund's investor and partner network. Investment sizes typically range from $100,000 to $400,000, with co-investors (Northern Community Investment Corporation, Fair Food Fund, Coastal Enterprises) frequently participating to underwrite larger deals.

The fund is the only Vermont-licensed commercial lender offering RBF and the only CDFI in New England with an RBF focus, and it is women-led — women comprise over 60% of its 38 investor members and four of its five Board of Managers seats. Through Fund 1.0, the Flex Fund made 47 investments totaling $9.2 million across 25 companies since 2011, with portfolio companies leveraging approximately $261 million in follow-on financing (a $35-to-$1 ratio), supporting nearly 700 jobs and $87 million in annual revenue as of 2024. In January 2026 the fund launched Fund 2.0 with a $15 million target, reaching a first close of approximately $7 million, and added a dedicated Fund Manager (Casey Johnson) alongside President Janice St. Onge to expand origination and portfolio management capacity.

Name

Flexible Capital Fund

Legal name

Flexible Capital Fund, L3C

Website

https://flexiblecapitalfund.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Flexible Capital Fund is a Vermont-based CDFI providing revenue-based financing, subordinated debt, and near-equity capital to growth-stage New England companies in sustainable agriculture, food systems, forest products, and clean technology sectors.

Ownership category

akta.pro rank

Product category

Community Development Lending

NAICS

Sales Financing (52222), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Short-Term Business Credit Institutions (6153), Miscellaneous Business Credit Institution (6159), Finance Services (6199)

akta.pro primary industry

Impact Investing & Social Finance (Funds, CDFIs, Microfinance) (BPAGALAA)

akta.pro secondary industries

Merchant Cash Advance (MCA) & Revenue-Based Financing (FSAKAGAD), Revenue-Based Financing (RBF) Providers (FSANAIAF), Development Finance & Blended Finance Facilities (BPADAOAD)

Keywords

• Revenue based financing
• Subordinated debt lending
• Impact investment fund
• Sustainable business financing
• Community development finance

Headquarters

HQ city

Montpelier

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Revenue-Based Financing Returns: Returns on revenue-based financing investments where repayment is based on a percentage of company revenue over time. The returns are a function of the time value of money, not a traditional interest rate.
2. Subordinated Debt Interest: Interest payments on subordinated debt loans that are repayable after senior debt obligations are met.
3. Equity Investments: Equity investments in portfolio companies alongside revenue-based financing and debt instruments.
4. Business Advisory Services: As a certified CDFI, access to grant funds to support business advisory services for borrowers.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels7 records

Core offering

The Flexible Capital Fund, L3C (Flex Fund) provides creative financing — Revenue-Based Financing (RBF), Subordinated Debt, and Near Equity/Mezzanine Capital — to growth-stage companies in New England's sustainable agriculture, food systems, forest products, and clean technology sectors. Investments typically range from $100,000 to $400,000 and are paired with technical assistance, business coaching, and access to networks. As a certified Community Development Financial Institution (CDFI), it is the only licensed lender in Vermont to provide revenue-based financing.

Product overview

The Flexible Capital Fund, L3C operates as a Community Development Financial Institution (CDFI) providing creative financing products to New England growth-stage companies. The core offerings consist of Revenue Based Financing (RBF), Subordinated Debt, and Near Equity/Mezzanine Capital, all structured to provide growth capital without diluting company ownership. The fund also provides Technical Assistance and Advisory Services including business coaching and access to networks. Fund 1.0 (launched 2011) has been succeeded by Fund 2.0 (launched 2026) continuing the mission in sustainable agriculture, food systems, forest products, and clean technology sectors. Investment sizes typically range from $100,000 to $400,000.

Differentiator

Problem solved

Functional benefit

Products and services

• Revenue Based Financing (RBF) Flexible financing that sells a piece of a company's revenue stream instead of ownership, with repayment structured over a fixed period or until the investor reaches a negotiated rate of return. Designed for growth-stage companies with established revenues seeking capital without dilution.
• Subordinated Debt A bank-loan-like structure subordinated to other senior debt and repayable only after senior obligations are met. Structured for companies with collateral, strong management teams, and solid growth plans.
• Near Equity Capital / Mezzanine Financing Flexible risk capital combining equity-like features with debt characteristics, including warrants, designed for growth-stage companies in New England's green economy without diluting ownership.
• Technical Assistance and Advisory Services Business coaching, mentoring, CEO advisory services, and access to business and leadership networks provided alongside financing to support sustainable growth of portfolio companies. Supported in part by CDFI grant funds.
• Fund 2.0 Second generation investment fund continuing the Flex Fund's mission of providing flexible risk capital to companies in New England's food systems, forestry, and climate solutions sectors, with a $15 million target offering.
• Fund 1.0 (Original Flex Fund) Original fund launched in 2011 that invested $9.2 million across 47 investments in 25 companies in New England's sustainable agriculture, food systems, forest products, and clean technology sectors.

Quantifiable outcome

• $261 million leveraged in follow-on financing for every $1 invested ($35:$1 ratio)
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Vermont Sustainable Jobs FundcoreStrategic or Co-development PartnerThe Flex Fund was launched in 2011 and is managed by the Vermont Sustainable Jobs Fund, a non-profit organization whose mission is to accelerate Vermont's green economy. VSJF also provides business coaching support to portfolio companies.
• Just Economy InstitutecoreStrategic or Co-development PartnerMultiple Flex Fund team members (Janice St. Onge 2018 Fellow, Casey Johnson 2023 Fellow, Louisa Schibli 2019/2020 Fellow) have participated in the institute's fellowship program for financial activists.
• FoodBuy Diverse Supplier AcceleratorminorChannel Partner/ Reseller/ DistributorGlobal Village Foods was accepted into FoodBuy's Diverse Supplier Accelerator, matching women- and minority-owned food businesses with mentors from FoodBuy, a sourcing partner for Compass Group North America.
• Vermont Small Business Development CenterminorImplementation/ SI/ Consulting PartnerJanice St. Onge serves on the VtSBDC Advisory Board. The SBA Community Navigator Pilot Program provides funding for business coaching through VtSBDC.
• Vermont Women’s Investors Network (VTWIN)coreStrategic or Co-development PartnerJanice St. Onge is a founding member of this network supporting female investors, founders, and local innovation ecosystems.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Calvert Impact Capital: Large nonprofit impact investing intermediary managing community investment notes and deploying capital into CDFIs and social enterprises globally. Comparable mission and use of flexible capital structures, though at materially larger AUM scale.
• Vermont Sustainable Jobs Fund: Nonprofit parent organization that manages the Flex Fund, providing business coaching and grantmaking for Vermont's green economy. Larger and broader in scope (not a direct lender) but the parent entity and most closely affiliated capital provider in the Flex Fund's ecosystem.
• Kiva: Global crowdfunded microfinance and small-business lending platform offering zero-interest, character-based loans to underserved entrepreneurs. Comparable in mission of patient capital for underbanked small businesses, though at dramatically larger scale and via crowdfunding mechanics.

Others

• Slow Money: National movement and network of local chapters (including Slow Money Vermont, where the Flex Fund sources deals) catalyzing investment in local food systems. Comparable in mission and overlapping in investor/deal networks, but operates as an enabling network rather than a direct lender.

Direct peers

• Pacific Community Ventures: CDFI providing loans, RBF, and business advisory to small businesses in underserved U.S. communities. Closely comparable to the Flex Fund in product mix (RBF plus technical assistance) and impact-investing customer base.
• RSF Social Finance: San Francisco-based impact lending and investment organization providing revenue-based financing, loans, and grants to social enterprises, including in food and agriculture. New Fund Manager Casey Johnson's former employer and a directly comparable RBF provider with similar mission-aligned approach.
• Coastal Enterprises, Inc. Maine-based CDFI providing capital and business advisory to underserved and rural communities, and an active co-investment partner of the Flex Fund in deals such as LEDdynamics. Operates with similar mission-aligned, community-development lending philosophy in an overlapping New England geography.
• Northern Community Investment Corporation: Vermont-based CDFI providing loans and investments to Northern New England businesses and communities, partnered with the Flex Fund on the Up End This modular housing deal. Operates in the same geographic footprint with overlapping customer base.
• Fair Food Fund: Massachusetts-based impact fund focused on food systems investing, co-invested $250K with the Flex Fund in Global Village Foods. Closely comparable in sector focus (sustainable food) and flexible capital deployment approach.

Emerging players

• Iroquois Valley Farmland REIT: Public-purpose REIT financing organic and regenerative farmland through leases and mortgages. Comparable in sustainable-agriculture impact investing focus, though it concentrates on land finance rather than working capital RBF.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/FlexFund
• LinkedInlinkedin.com/company/flexible-capital-fund

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Flexible Capital Fund