An excerpt from the Annual Report for the fiscal year ended June 30, 2011:
“…FY2011 was a period of tremendous activity at the Authority. Financing activity was very strong, serious spring flooding necessitated emergency lending, and $13.2 million in new federal funding was committed to Vermont, a resource that will help VEDA leverage ten times that amount in loans to be made to Vermont businesses and farms in the coming years.
This heightened level of activity coincides with Vermont’s continuing efforts to emerge from a deep nationalrecession, and VEDA continues to play a vital role in helping to stimulate and support Vermont’s economic recovery.
The Authority’s direct loan closings to commercial businesses and farms in Vermont were up for the third year running, from $27.4 million in 2009, to $36.1 million in 2010, to $40.4 million in 2011. Closings of VEDA financings not directly included on the Authority’s balance sheets — such as industrial development bonds, mortgage insurance contracts, and loans made under the U.S. Small Business Administration 504 Loan Program – were more than double those of the year before, going from $41.7 million in 2010 to $94.3 million in 2011.
Revenue bond financing remained strong in 2011. In addition to manufacturing and 501(c)(3) bond issues, the Authority utilized the last of its expanded federal tax-exempt bond capacity under the American Recovery and Reinvestment Act (now sunset), issuing several Recovery Zone Facility Bonds for large fixed-asset projects. Total VEDA revenue bond financing was $128 million this year, second only to the $170 million in revenue bonds issued by the Authority last year.
These numbers show a remarkable capacity in Vermont’s business and agricultural communities to invest in the future despite significant national economic challenges. We want to recognize VEDA’s experienced and dedicated Staff for their determined efforts to meet the need, however great, for the Authority’s assistance during difficult times. And, we thank VEDA’s Board of Directors for their seasoned, professional guidance and support….”
Additional financial information may be obtained by contacting VEDA.
