- Individuals, partnerships, corporations (profit and non-profit), limited liability companies and municipalities planning to undertake a project for construction of or improvements to a renewable energy generating facility; to make energy efficiency improvements to an existing facility; and/or to adopt technologies that enhance or support the development and implementation of renewable energy or energy efficiency, or both;
- Projects relating to renewable energy generation or efficiency improvements for single or multi-unit residential properties are not eligible.
Use of Proceeds
- Must relate to a project for renewable energy generation and/or energy efficiency improvements and/or energy technology;
- Purchase of land and buildings, new construction or existing facility renovations or refurbishment;
- Purchase and installation of machinery and equipment;
- Payment for design, engineering and permit fees relating to an eligible project;
- In certain cases rather than make a separate loan, VEDA may purchase a portion of a bank loan made for eligible purposes;
- VEDA cannot finance or refinance existing assets or debt relating to an eligible project.
Loan Rates and Terms
- Attractive fixed rate; (See Current Rates and Fees page);
- Loan term and amortization determined on a case-by-case basis, generally a maximum loan term of 10 years with a maximum 15 year amortization.
- VEDA may not fund more than 40% of the cost of the project. Typically a bank will lend 50% of the project cost and (at least) the remaining 10% will be provided by the borrower. However in certain circumstances, loans not to exceed $50,000 may be made for up to 75% of the cost of a project;
- The maximum loan amount is $350,000.
- 1.25% commitment fee with $250 minimum and $2,000 maximum;
- $50 credit report fee;
- $18 flood insurance certification (if required);
- Appraisal reimbursement (if applicable);
- Document recording/discharge fees; and
- $100 application fee.
- Loans may be approved internally by VEDA staff;
- Applications may be obtained from the VEDA office by calling 802-828-5627;
- Applicants are advised to discuss their proposed project with a VEDA loan officer prior to submitting the application.