| Program Title |
Program Details |
| Direct Loan Program |
- Loans up to $5 million, and $6 million for certain energy-related projects (or 40% of a project, whichever is less) to finance construction or renovation of real estate and/or purchase and installation of machinery and equipment, and furniture and fixtures;
- Eligible businesses include manufacturing, processing, warehousing, research and development, travel and tourism, information technology, certain energy-related projects, and others as defined in statute;
- Project must involve private (i.e., bank or credit union) financing for some portion of project and at least 10% equity contribution by borrower;
- VEDA may also purchase a portion of an eligible loan made by a bank or credit union.
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| Small Business Loan Program |
- Maximum loan $500,000;
- Eligible borrowers must be U.S. citizens or 51% owned by U.S. citizens and unable to access adequate conventional credit;
- Loans may be for fixed assets (up to 40% of project or working capital (up to 50% of project);
- Financing may be up to 75% for loans under $50,000;
- Eligible businesses include manufacturing, processing, warehousing, research and development, travel and tourism, information technology, certain energy generation or efficiency projects, and retail and service businesses.
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| Entrepreneurial Loan Program |
- Up to a maximum of $350,000 in loans outstanding to any one borrower at any one point in time;
- Loans may be made for working capital or fixed assets;
- Eligible borrowers include businesses in seed, start-up or early growth stages unable to access adequate capital from other public and private financing sources.
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| Local Development Corporation Program |
- Loans to nonprofit local and regional development corporations for land for industrial parks, industrial park planning and development, construction or improvement of “spec” buildings or small business incubator facilities.
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| Revenue Bond Program |
- Tax-Exempt Bonds may be issued for certain manufacturing or 501(c)(3) entities, or certain “exempt facilities;"
- Best utilized for projects over $1 million; limit is $10 million per Federal statute;
- Bonds do not carry guarantee of VEDA or the State of Vermont;
- Marketability and rate based on creditworthiness of borrower;
- Rate set by Bond Purchaser.
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| SBA 504 Program |
- Financing up to 40% of a project (up to $5.5 million) for acquisition of land and buildings, improvements, or for the purchase of machinery and equipment; and
- Eligibility requirements per SBA regulations;
- Certain refinancing allowed.
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| Vermont Capital Access Program |
- Designed to encourage the extension of credit to businesses which might otherwise have difficulty accessing credit. Establishes a pooled portfolio cash reserve with participating banks, which is available to cover losses on enrolled loans;
- See your bank or credit union for more information.
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| Brownfields Revitalization Program |
- Loans to assist in the redevelopment of eligible contaminated properties that meet the EPA definition of ‘Brownfields’; and available to for-profit, not-for-profit and municipal entities deemed eligible under State’s Redevelopment of Contaminated Properties Program (RCPP).
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| State Infrastructure Bank Program |
- Loans for construction or reconstruction of highways, roads and bridges or certain rail transit facilities, and electric vehicle charging stations;
- Eligible entities include municipalities, regional development corporations or political subdivisions of the state. Private sector companies entering into a contract with a public authority to carry out a qualified project are also eligible.
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| State Drinking Water Program |
- Privately-owned community and privately-owned nonprofit, non-community public water systems are eligible;
- Loans to plan, permit, design, construct, repair or improve an existing eligible water system to comply with federal and state standards;
- Projects must be reviewed and recommended by the Agency of Natural Resources.
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| Export Assistance |
- As the Regional Export Promotion Program (REPP) Partner of the United States Export-Import (Ex-Im) Bank, VEDA provides loan packaging and is the Vermont liaison with the Ex-Im Bank in Washington, D.C.;
- VEDA may also provide a direct source of financing for support of export sales through Ex-Im Bank’s working capital guarantee and insurance programs.
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