Montpelier Heating District Loan Program
This Program makes loans to Montpelier businesses that wish to connect to the City of Montpelier’s (City's) new heating district improvements. Loan funds may be used to assist borrowers to connect to the new system and to perform necessary heating system conversions to allow connection to the system. A total of approximately $500,000 is being made available by VEDA to fund Program loans.
- Montpelier businesses that wish to connect to the City's new heating district improvements.
Use of Proceeds
- To assist borrowers to connect to the new system and to perform necessary heating system conversions to allow connection to the system.
Loan Rates and Terms
- Please click here for current interest rates;
- The maximum loan amount is $60,000;
- Loans will bear interest at the rate of 4% fixed, and will generally be payable over terms of between five and seven years or such other term as VEDA may determine;
- The City will contribute 10% of the Project cost of connecting and converting. The City’s contribution may be in the form of cash or in kind goods/services;
- VEDA will take such collateral as it deems sufficient.
- A $100 application fee is due at the time of application or can be collected at closing;
- A 1.25% commitment fee is due at closing;
- The usual document recording fees will also be charged, and may be deducted from loan proceeds.
- Applications may be downloaded or obtained from the VEDA office.
- Loans to be approved internally by VEDA Staff.