An excerpt from the Annual Report for the fiscal year ended June 30, 2023:
“…The COVID-19 health crisis is behind us, but many businesses continue to feel the financial impact well after the end of the public health emergency declaration. … VEDA’s Forgivable Loan Program, made possible with $18.5 million in funding from your Administration, helped more than 200 small businesses and farmers get closer to their pre-pandemic financial health. This would not have been possible without the dedication and hard work of every member of our incredible team. …
In addition to our recovery work, we approved 142 loans totaling $74.5 million in the commercial, small business, agricultural and energy sectors. While this is below the peak levels we experienced in the years before the pandemic, it signals solid economic activity across many industries and in all corners of the state. … Economic conditions in the dairy industry continue to force farm consolidations. There are now about 290 fewer dairy farms in Vermont than in 2016. Vermont’s agricultural economy, however, remains resilient and adaptable. Since 2016, VEDA’s non-dairy loan portfolio increased by more than 40 percent to $45 million, with loans provided to a wide variety of producers including maple syrup, crops, fruits, vegetables, forest products, logging, equine and livestock. …
Earlier this year VEDA received the first tranche from the ARPA re-authorized State Small Business Credit Initiative (SSBCI). We are grateful to be chosen by your Administration to implement this impactful program which, through the multi-year duration of the program, will bring up to $59 million to Vermont to help small businesses access capital to grow and invest here. To date VEDA has used $11.6 million in SSBCI funds to help lower the interest rates on 74 diverse commercial and agricultural projects totaling $77.4 million — a significant leveraging of private and other non-federal funds invested in economic development throughout the state. … The Members and staff of VEDA look forward to continuing our work together to keep Vermont strong.”
Audited Financial Statements
To review VEDA's Financial Statements with Supplementary Information as of and for the Years Ended June 30, 2023 and 2022 (and Report of Independent Auditors), click here.
Additional financial information may be obtained by contacting VEDA.