During the 2013 Legislative session, VEDA worked with the Administration, Legislative Leaders, State Treasurer Beth Pearce, the Department of Public Service, the Vermont Energy Investment Corporation (VEIC), the Lake Champlain Regional Chamber of Commerce, and the Vermont Bankers Association to craft and pass H.395, a bill enabling the Authority to increase and consolidate financing available for commercial and agricultural sustainable energy generation and efficiency projects. Governor Shumlin signed H.395 into law on June 17th.
The purpose of the new Vermont Sustainable Energy Loan Fund is to enable VEDA “to make loans and provide other forms of financing for projects that stimulate and encourage development and deployment of sustainable energy projects in the State of Vermont.” As defined in Statute, “sustainable energy” means energy efficiency, renewable energy, and technologies that enhance or support the development and implementation of renewable energy or energy efficiency, or both.
Under the umbrella of the Vermont Sustainable Energy Loan Fund, VEDA will provide financing through the following four programs:
- The Small Business Energy Loan Program (SBELP) provides loans up to $350,000 for smaller qualifying commercial sustainable energy projects;
- The Commercial Energy Loan Program (CELP) provides loans up to $2.0 million for relatively larger qualifying sustainable energy projects;
- The Agricultural Energy Loan Program (AELP) provides loans for qualifying agriculture and forest product-based sustainable energy projects; and
- The Energy Loan Guarantee Program (ELGP) provides loan guarantees to participating financial institutions that enroll loans made to businesses to improve the businesses’ overall energy efficiency.
We welcome inquiries about any of these new loan programs. Please contact one of VEDA’s experienced lenders to learn more.