An excerpt from the Annual Report for the fiscal year ended June 30, 2012:
“…Our state was marked by natural disaster during Fiscal Year 2012. Vermont homeowners, businesses and farms experienced enormous challenges as a result of Tropical Storm Irene’s devastating damage. In the wake of Irene, through close collaboration with your Administration and Legislative leaders, VEDA was able to make emergency loan funds immediately available to help affected businesses and farms recover and rebuild. Ultimately, the Authority closed 299 emergency loans totaling $16.7 million. VEDA’s Staff are to be commended for their unwavering dedication and hard work in service to the businesses and farms of Vermont – especially in the face of crisis. On their behalf, VEDA was extremely proud to receive the U.S. Small Business Administration’s award as Vermont’s 2012 Financial Services Champion.
VEDA set a record in 2012 in its lending to small businesses. At the end of FY 2012, the Authority’s Small Business Loan portfolio had 480 loans totaling $32.2 million, compared to 190 loans totaling $12.2 million at the end of 2011. This is a tremendous jump – attributable, in part, to borrowing related to Tropical Storm Irene. However, as the Authority in 2012 also raised the loan limits under the Small Business Loan Program to $350,000, we are confident we will see continued heavy use of this program.
Another portfolio trend we see continuing is the diversification of Vermont’s agricultural economy. Where dairy represented 92.2% of the Vermont Agricultural Credit Corporation’s (VACC’s) loan portfolio in 2001, it now represents 70%. VACC continues to experience increases in the number of loans being made to vegetable and crop farmers, maple producers, and makers of other agricultural products, including specialty foods.
VEDA closed 564 financings totaling $103.3 million during 2012, leveraging $197.1 million in economic activity statewide. This is truly a measure of the degree to which VEDA’s financing programs rely on the valued partnerships the Authority maintains with Vermont’s commercial lenders, and our federal, state and regional partners….”
To review VEDA’s Financial Statements with Supplementary Information as of and for the Years Ended June 30, 2012 and 2011 (and Report of Independent Auditors’), click here.
To review VEDA’s Financial Statements with Supplementary Information as of and for the Years Ended June 30, 2011 and 2010 (and Report of Independent Auditors’), click here.
To review VEDA’s Financial Statements with Supplementary Information as of and for the Years Ended June 30, 2010 and 2009 (and Report of Independent Auditors’), click here.
Additional financial information may be obtained by contacting VEDA.