An excerpt from the Annual Report for the fiscal year ended June 30, 2022:
“…We started the year with a great deal of uncertainty in the economy, and while uncertainty persists, we witnessed how Vermont businesses want to move beyond the COVID 19 pandemic. We approved an astounding $160.9 million in new financings across all our programs, up 244% from fiscal year 2021. In our core direct commercial and agriculture loan programs, we approved $57.1 million in new loans, an 86% increase from fiscal year 2021 and a 16% increase over pre-pandemic fiscal year 2019. Our direct financing activity impacted approximately 2,200 jobs in Vermont. …
With the support of your administration and the General Assembly, VEDA’s lending authority was expanded with the enactment of Act No. 91 (H.627). This legislation enables VEDA to provide greater and meaningful impact in larger and complex economic development projects. It also enables VEDA to better serve the growing service economy and long-term care service providers. We are already experiencing how this legislation is helping VEDA and its lending partners fill financing gaps.
We are grateful to be chosen by your administration to implement the State Small Business Credit Initiative (SSBCI) program reauthorized in the American Rescue Plan Act. VEDA will use up to $28 million of the SSBCI funds to help small businesses access low-cost loans over the nine-year term of the program. In the current increasing interest rate environment, this money provides critical help to businesses emerging from the pandemic.”
Audited Financial Statements
To review VEDA's Financial Statements with Supplementary Information as of and for the Years Ended June 30, 2022 and 2021 (and Report of Independent Auditors), click here.
Additional financial information may be obtained by contacting VEDA.