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Annual ReportsSelect a link at the right to view our Annual Reports.
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An excerpt from the Annual Report for the fiscal year ended June 30, 2009:
"...This year, perhaps more than any other in VEDA’s 35-year history, demonstrated the vital role the Authority plays in stimulating and supporting Vermont’s economy. During a year when the worst economic downtown since the 1930’s hit hard nationwide, VEDA experienced an all-time high in loan activity, closing a staggering 315 financings totaling $94.4 million. These investments in Vermont’s manufacturing, agriculture, small business and service sectors more than doubled the $46.4 million in financings VEDA closed during the prior year.
Half of the 315 financings closed by VEDA in Fiscal Year 2009 occurred in the fourth quarter alone, reflecting an extraordinary push by VEDA’s Staff to meet the increased credit demands of Vermont’s businesses and farmers during difficult times. We applaud their efforts and thank these dedicated professionals for a job well done.
With additional funding allocated through the work of the Vermont General Assembly and the Administration, VEDA implemented two emergency stimulus initiatives this year. The Vermont Agricultural Credit Corporation’s Farm Operating Loan Program loaned $6.2 million in low-interest loans to 107 Vermont farmers needing emergency assistance, helping them to consolidate debt and finance operations in the face of record-low milk prices. This emergency agricultural financing represented 39% of VEDA’s total investment of $15.9 million in Vermont’s farm economy in 2009.
The Authority also implemented the Economic Recovery and Opportunity Program, designed to counteract the negative effects of a national recession, and stimulate economic activity in Vermont. Through this program, VEDA was able to make loans totaling $7.9 million at the historically-low rate of Prime, minus 3%, to 24 businesses. This economic stimulus program represented 48% of VEDA’s total investment of $16.4 million in Vermont’s commercial sector in 2009.
During the 2009 General Assembly, the Legislature provided VEDA an additional $1 million in federal American Recovery and Reinvestment Act (ARRA) funding to continue making stimulative investments in Vermont’s economy. The Legislature also provided $2.15 million to VEDA to form and invest in a seed capital fund to serve early stage Vermont entrepreneurs. In addition, $1 million in Full Faith and Credit reserves was authorized to be utilized in Small Business and Technology lending, assuring continued investment in job opportunities in these two critical sectors.
Over the years, as Vermont’s economy has fluctuated in response to national economic trends, VEDA has consistently offered innovative and flexible, yet prudent, financing alternatives to Vermont businesses. Since its inception in 1974, the Authority has provided over $1.5 billion in financing assistance to thousands of eligible Vermont manufacturers, small businesses, and family farms..."
Additional financial information can be obtained by contacting VEDA.
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