Our Story
Who We Are
Organization Overview
The Flexible Capital Fund, L3C is a low-profit limited liability company established in 2011. We are an impact investment fund and Community Development Financial Institution (CDFI) — where others see risk, we see opportunity. We partnered with 38 investor members for a successful inaugural fund and have now welcomed over 40 new and returning investor members to launch our second fund in January 2026. Together, we are committed to supporting innovative, growth-stage companies in New England's economy.
Core Mission
The Flex Fund's mission is to create healthy food systems, preserve working lands, build resilient communities and address climate change by investing in New England companies providing regenerative solutions and equitable workplaces. The companies we invest in fill a gap, or strengthen the supply chain in food systems, forest products, and clean technology sectors.
Financing Approach
We offer custom-structured, flexible risk capital along with business coaching and technical assistance to growing companies in New England. Our core product is Revenue Based Financing (RBF), which is an inherently patient structure that is more flexible than traditional debt and a non-dilutive, lower cost alternative to equity.
At a Glance
- Founded 2011
- Certified CDFI
- Women-led and founded
- 2 Investment Funds
- Mission-driven with financial returns
- Leader in innovative structures
Our Team
Leadership

Janice St. Onge
President
Janice St. Onge serves as President of the Flexible Capital Fund, managing all operational facets including capital raising, deal evaluation, and portfolio management.
She brings more than 25 years of experience spanning technology, financial services, higher education, and state government. Prior to joining the Flex Fund, Janice served as Director of the Vermont Business Center at the University of Vermont, where she helped entrepreneurs and small business owners access resources and support.
Janice received the prestigious Tibbetts Award in 2001 from the U.S. Small Business Administration in recognition of her outstanding contributions to the Small Business Innovation Research (SBIR) program. She has been named to the Impact Finance Center's "Who's Who in Impact Investing" list and is a recognized thought leader in the field of rural impact investing.
Janice is a 2018 Fellow of the Just Economy Institute, whose mission is to support financial activists who are shifting the flow of capital and power to solve social and environmental problems. She is a founding member of the Vermont and Northern New England Women's Investors Network, and Slow Money Vermont and serves on the Vermont Small Business Development Center Advisory Board. A Stowe, Vermont resident, Janice was co-founder of the Stowe Energy and Climate Action Network and is a former International Ski Federation (FIS) World Cup Freestyle Skiing Judge.
Her expertise in patient capital approaches and her deep understanding of the challenges facing rural entrepreneurs have been instrumental in shaping the Flex Fund's distinctive investment model.

Casey Johnson
Fund Manager
Casey Johnson serves as Fund Manager for the Flexible Capital Fund, supporting deal flow analysis, portfolio management, and investor relations. Her background combines financial expertise with a commitment to mission-driven investing, making her well-suited to the Flex Fund's approach of combining patient capital with hands-on support for portfolio companies.
Casey was previously a consultant to regional and national debt funds supporting program strategy, due diligence and portfolio management. She was also a senior lender at RSF Social Finance where she was responsible for evaluating potential lending partners across the US and supporting existing borrower relationships in the RSF food & agriculture lending portfolio. In addition, Casey worked for Nonprofit Finance Fund's advisory services team where she helped to build financial capacity—via education, tools, and best practices—for nonprofits across the country. She is a fellow of the Just Economy Institute and the Treasurer of the Food 4 Farmers board of directors. Casey received a bachelor's degree in economics from Tufts University.
Strategic Partners
Vermont Sustainable Jobs Fund (VSJF)
The Flex Fund was originally envisioned and launched by VSJF, a 501c3 committed to nurturing the sustainable development of Vermont's economy. With Fund 2.0, VSJF remains a strong partner providing access to its network connections and to seasoned business coaches in support of the Flex Fund's portfolio companies.
Broadstreet Impact Services
Broadstreet is an impact financial services company offering fund management and fund administration services. They manage over $1.8B in capital. Broadstreet supports Flex Fund with all fund accounting, reporting, and loan servicing.
Governance
Board of Managers
The board comprises five managers (three Class A, two Class C) providing financial oversight, loan and investment approvals, and strategic guidance. Janice St. Onge serves as a member of the Board.

Christine Donovan
Director, Summer Internship Program, Energy Action Network
Christine Donovan serves as a Director, Summer Internship Program at the Energy Action Network (EAN), where she focuses on accelerating Vermont's transition to a clean energy economy.
With extensive experience in renewable energy consulting and policy development, Christine brings deep expertise in clean technology and sustainable business models to the Flex Fund's Board of Managers.

Jed Kalkstein
President, GPMS
Jed Kalkstein brings extensive financial and strategic management expertise to the Flex Fund's Board of Managers. As CEO of GPMS and former strategic management consultant, Jed has deep operating experience in seed and expansion stage companies.
Jed holds an MBA from Yale School of Management, where he focused on social enterprise and impact investing. His training in rigorous financial analysis combined with his commitment to social impact makes him particularly effective in evaluating mission-driven investment opportunities.

Louisa Schibli
Co-Founder, MilkMoneyVT and Vermont Women’s Investors Network; former Chief Engagement Officer, Rural Works Partners
Louisa Schibli formerly served as Chief Engagement Officer at Rural Works Partners. Her focus was building relationships and partnerships that supported rural economic development and quality jobs. She was a 2019/2020 fellow at the Just Economy Institute, focusing on the support of financial activists and use of different forms of financial, social and natural capital to generate positive social and environmental change. She's also a founding member of the Vermont Women's Investor Network (VTWIN) that supports female investors, founders and local innovation ecosystems.
Her deep experience in rural community development and stakeholder engagement brings valuable perspective to the Flex Fund's work. She understands the unique challenges and opportunities of building businesses in rural settings.

Dorothy Suput
Founder, The Carrot Project and Principal of DSuput Consulting
Dorothy Suput is a former Senior Fellow at the Croatan Institute, a research and consulting organization focused on sustainable and responsible investing.
She founded The Carrot Project, one of the first US organizations connecting private investors to sustainable farms. The work was guided by multi-stakeholder research to understand why farmers struggled to get financing, examining the twin roles of business technical assistance and financing in farm viability, and the development of outcome-based trainings.
Advisory
Investment Committee
Our Investment Committee brings diverse expertise in impact investing and New England's sustainable business sectors to guide our Board of Managers' investment decisions. Janice St. Onge, President also sits on the investment committee.

John Hamilton
Principal, Hamilton Associates LLC
John Hamilton is the Principal of Hamilton Associates LLC, serving as a trusted advisor to purpose-driven organizations navigating leadership transitions and growth opportunities. He has started and led organizations that continue to thrive in the community development space, combining an entrepreneurial spirit with strong business management and finance structuring skills.
Over two decades as a senior leader at the $175M NH Community Loan Fund, John designed programs and led teams that expanded affordable homeownership through loans to resident-owned cooperatives and deployment of over $85M in mortgages. He also structured and deployed over $100M in acquisition and growth capital, filling the gap between conventional bank lending and equity investment.

Tammy Newmark
CEO & Managing Partner, EcoEnterprises Fund
Tammy Newmark is the CEO of EcoEnterprises Fund, a pioneering impact investment fund focused on sustainable businesses in Latin America.
She holds an MBA from the Wharton School of Business and brings decades of experience in impact investing and sustainable business development. Under her leadership, EcoEnterprises has made over 50 investments in sustainable forestry, organic agriculture, and eco-tourism businesses.
Interested in Learning More?
Explore our financing options or view our portfolio of investments.