Commercial Energy Loan Program
This program helps Vermont businesses finance qualifying renewable energy generation and energy efficiency improvement projects. Maximum loan size under this program is $2.0 million (see Loan Rates, Terms and Fees section below). VEDA may either make its own direct loan or purchase a portion of another Financial Institution's loan.
- Individuals, partnerships, corporations (profit and non-profit), limited liability companies and municipalities planning to undertake a project for construction of or improvements to a renewable energy generating facility; to make energy efficiency improvements to an existing facility; and/or to adopt technologies that enhance or support the development and implementation of renewable energy or energy efficiency, or both;
- Projects funding construction of renewable energy generation or efficiency improvements for individual or small residential properties are not eligible.
Use of Proceeds
Must directly relate to a project for renewable energy generation and/or energy efficiency improvements and/or energy technology. Uses include:
- Purchase of land and buildings, new construction or renovations or refurbishment of existing facilities;
- Purchase and installation of machinery and equipment;
- Payment for design, engineering and permit fees relating to an eligible project;
- VEDA cannot finance existing assets or refinance debt relating to an eligible project.
Loan Rates, Terms and Fees
- VEDA offers attractive variable rates and a low fixed rate option for five years;
- The maximum loan amount is $2.0 million with the variable rate option and $500,000 with the fixed rate option;
- Loan term and amortization determined on a case-by-case basis;
- Click here for current rates and fees.
- VEDA's funding is generally limited to 60% of the cost of the project, but in some cases VEDA can finance up to 90% of the project cost up to $500,000.
- Applicants are advised to discuss their proposed project with a VEDA Loan Officer prior to submitting the application;
- Certain loans may be approved internally; other loans must be presented to the VEDA Board at their semi-monthly meetings;
- To complete the application, click here to download and print the application or right click to "Save Link As..." to utilize the fillable application. If you can’t open this application, download the free Adobe PDF Reader.
- Applications may also be obtained at the VEDA offices in Montpelier, Burlington and Middlebury.