Direct Loans – Subchapters 3 and 5
VEDA’s Direct Loan Rates are variable and based on certain economic development criteria, such as job creation, wages and private leverage. The interest rate on certain projects may be as low as 2%. Generally rates range from 2.5% to 3.75%.
| Programs |
Rates |
Fees |
| VEDA Prime Rate |
2.75%* |
- A 1% commitment fee on the VEDA loan amount ($1,000 minimum; $3,500 maximum)
|
| VEDA Tax-Exempt Rate |
2.25%* |
|
| VEDA Base Rate |
3.75%** |
|
| Technology Loan Program |
VEDA Prime plus 3% |
- $100 Application Fee
- 1% Commitment Fee
- $50 Credit Report Fee
|
* Rates will change as interest rates and market conditions fluctuate.
Mortgage Insurance (Subchapter 2)
| Programs |
Rates |
Fees |
| Subchapter 2 |
Set by lending institution |
- 1.50% of insured amount – annually Application Fee: $1,000
|
Industrial Revenue Bonds (Subchapter 4)
| Programs |
Rates |
Fees |
| Subchapter 4 |
Set by Bond Purchaser |
- Commercial Borrowers: .625% Non-Profit Borrowers: .50% (less than $25 million)
- Non-Profit Borrowers: .25% (greater than $25 Million) .25% for refunding bonds
|
Vermont 504
| Programs |
Term |
Fees |
| Vermont 504 |
- 10 Year
- 10 Year
- 20 Year
- 20 Year
|
- 1.64%* (Note Rate)
- 3.30%* (Includes Fees)
- 2.68%* (Note Rate)
- 4.34%* (Includes Fees)
|
* Note – Rates are fixed for the life of the loan at closing and are set monthly. Note rates shown are for debentures funded on the last funding date. There are additional upfront costs which are typically financed.
Small Business Loans
| Programs |
Rates |
Fees |
| Small Business Loans |
APR fixed at VEDA’s Small Businesses Index, minus 1.5% for 10 years; then, adjusting to the Small Business Index. |
- Loan application fee is $100;
- A 1.25% commitment fee is charged on all loans at the time of closing. The commitment fee is capped at $2,000, with a $250 minimum.
|
VACC Agricultural Loans
| Programs |
Rates |
Fees |
| VACC Agricultural Loans |
3.50% Variable **Fixed rates available on loans over $100,000 |
- One time 5% commitment fee at closing ($250 minimum; $2,500 maximum);
- FSA fee may be charged for guaranteed loans;
- Appraisal fee, depending on scope of work.
|
* Rates will change as interest rates and market conditions fluctuate.
** VACC Prime Rate, minus 0.50%. VACC Prime is 4.00% and last changed on 2/1/2009
Click here for a history of VACC Prime
