October 15, 2009 Montpelier, VT - New technology financing is available at the Vermont Economic Development Authority (VEDA) through its new Technology Loan Program. The Program provides financing to eligible businesses offering technology-based goods and services to consumers located both inside and outside Vermont.
“In order to stimulate technology investments in Vermont, the Vermont General Assembly allocated up to $500,000 in Full Faith and Credit reserves to back this new lending through VEDA,” said Jo Bradley, VEDA’s Chief Operating Officer. “We’re excited about the new technology initiatives this program will help get off the ground, and the jobs that may result,
and we’re encouraging eligible borrowers to apply.”
The maximum amount of any loan under the Technology Loan Program will be $100,000. Proceeds may be used for the purchase of capital assets and/or for working capital, or, as the Authority may determine in certain cases, to refinance existing company debt. Depending on the purpose for which the loan is approved, VEDA’s loan term will not exceed five (5) years.
“We have broad latitude in deciding which projects may qualify under this program,” said Bradley, “and that level of discretion will allow the Authority to invest in quality projects that offer innovative solutions to Vermont’s technology needs.”
For more information about the Technology Loan Program, visit www.veda.org, call 802-828-5627, or visit VEDA’s booth at the October 26th Vermont 3.0 Innovation Jam at the Sheraton Burlington Hotel and Conference Center.
VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.5 billion.
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Contact Information:
Jo Bradley
Chief Executive Officer
VEDA
802-828-5627
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