Program |
Eligibility | Use of
Proceeds |
| Direct Loan Program | Manufacturing, processing, warehousing, research and development, travel and tourism, information technology, and others as defined in statute. | Purchase of land, construction of buildings, purchase and installation of machinery and equipment. |
| Tax-Exempt Revenue Bonds | Facilities deemed eligible by the IRS (primarily manufacturers); 501(c)3 organizations. | Acquisition of land, buildings, and equipment or "exempt facilities" as defined in the federal tax code. |
| Local Development Corporation Loans | Nonprofit Local and Regional Development Corporations. | Land for industrial parks, industrial park planning and development, construction or improvement of "spec" buildings or small business incubator facilities. |
| Mortgage Insurance Program | Commercial lending organizations who wish to make a loan or loans to a VEDA-eligible borrower. | Land, buildings, machinery and equipment or working capital. |
| Financial Access Program | Businesses with sales less than $5 million. | Loan proceeds may be used for any purpose except passive real estate investments or to refinance a loan not previously enrolled in the program. |
| Export Finance Programs | As Ex-Im Bank's City/State Partner, VEDA serves as the local contact and resource for all Ex-Im Bank programs. |
|
| Vermont Small Business Loans | Businesses must be owned by U.S. citizens and in operation for at least one year. | Can be used to finance the acquisition of fixed assets or for working capital. |
| Vermont 504 Corporation | As determined by SBA regulations. | Acquisition of land and buildings, improvements, or for the purchase of machinery and equipment, professional fees and interest on interim financing. |
| Vermont Agricultural Credit Corporation | Vermont residents engaged in agriculture within the State. | Farm Ownership (real estate) and Farm Operating Loans. |
Technology Loan Program
| For-profit and non-profit corporations offering technology-based goods and services to consumers located both inside and outside Vermont.
| Purchase of capital assets and/or for working capital; and refinance existing company debt or assets in certain cases, as the Authority may determine.
|
Drinking Water State Revolving Loan Fund
| Privately-owned community and privately-owned nonprofit, noncommunity public water systems reviewed and recommended by the Agency of Natural Resources.
| Loan proceeds may be used to obtain requisite permits, design, plan, construct, repair, or improve an existing eligible water system to comply with federal and state standards.
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Vermont State Infrastructure Financing Program
| Municipalities, regional development corporations or political subdivisions of the state. Private sector companies entering into a contract with a public authority to carry out a qualified project. Companies or groups of individuals purchasing a commuter van(s).
| Construction or reconstruction of highways, roads and bridges. Construction of certain rail transit facillities. Purchase of 7-15 passenger commuter van(s).
|
| Brownfields Revitalization Fund | For-profit, not-for-profit and municipal entities deemed eligible under State's Redevelopment of Contaminated Properties Program (RCPP) who own, control or otherwise have interest in EPA-designated Brownfields properties. | Funding to assist in the redevelopment of eligible contaminated properties that meet the EPA definition of 'Brownfields.'
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Vermont Business Energy Conservation Loan Program
Recovery Zone Facility Bond Program
| Businesses must be 51% owned by US citizens. This includes (but is not limited to) companies engaged in the following industries: manufacturing, processing of assembly of products, hospitality, service providers, farms and retail. Non-profit businesses are also eligible. Loans may not be made for improvements to public buildings and facilities such as public schools and municipal buildings. Multifamily properties are not eligible.
Many types of businesses are eligible. Federal tax code provisions must be complied with to assure eligibility for tax-exempt financing; please contact VEDA for more complete information.
| Loan funds may be used to purchase and install: thermal envelope improvements; power, heating, ventilation and cooling system improvements; lighting and new HVAC equipment that is certified as energy-efficient. Loans may also be made to fund the purchase of APU's (Auxiliary Power Units), and equipment necessary to conduct energy audits for businesses and residences. Loans may not be made to refinance existing debt or assets. For projects costing more than $20,000, applicants will work with Efficiency Vermont to ensure that projects meet cost-effectiveness requirements.
Must be used 95% for the acquisition of depreciable capital assets, excluding land but including, for example:
construction of new facilities; and purchase of new equipment. In certain cases, the purchase of existing real property is eligible. Refinancing and working capital are not eligible uses of the funds.
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