February 12, 2008 Montpelier, VT – Interest rates for commercial and agricultural development financing offered by the Vermont Economic Development Authority (VEDA) and its subsidiary program, the Vermont Agricultural Credit Corporation (VACC), have been lowered substantially effective immediately. On the commercial side, VEDA’s variable rate for taxable borrowers has dropped from 6.5% to 5%, and its variable rate for tax-exempt borrowers has gone from 5.5% to 4.5%. VACC’s agricultural variable rate has also dropped -- from 6.5% to 5.5%.
“These favorable rate adjustments are tied to recent actions taken by the Federal Reserve,” said VEDA’s Chief Executive Officer, Jo Bradley. “VEDA is keeping pace with a lower rate environment that exists throughout the nation, and we believe lowering interest rates for Vermont’s business community is the right move to help stimulate jobs creation and economic growth.”
Prospective commercial borrowers who may benefit from the new lower rates are Vermont companies engaged in manufacturing, processing, warehousing, research and development, recycling, travel and tourism, information technology, and other businesses as defined in statute. Also eligible for the lower rates are Vermont businesses who build, install or update technology and communications infrastructure, and Vermont nonprofit local and regional development corporations who borrow to plan and develop industrial parks, or build facilities for lease to identified eligible tenants.
On the agricultural side, loans are available from the Vermont Agricultural Credit Corporation to strengthen existing farm operations, encourage diversification, support beginning farmers and encourage marketing and processing of Vermont agricultural products.
For more information about VEDA or VACC financing, call 802-828-5627, or visit www.veda.org.
-end-
Contact Information:
Jo Bradley
Chief Executive Officer
Vermont Economic Development Authority
802-828-5627
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