11/01/2021 - Montpelier, VT –The Vermont Economic Development Authority (VEDA) has released its annual report for the 2021 fiscal year, which ended June 30. In that time, the organization was able to help 806 Vermont businesses by approving $81.1 million in financing — positively impacting about 6,000 jobs.
All 14 Vermont counties and 19 different industries benefited from VEDA’s financial support during Fiscal Year 2021. This included $51.2 million in commercial, small business, renewable energy and broadband loans, to a total of 632 businesses. Loans for the Paycheck Protection Program accounted for $30.8 million of that.
This year showed the resilience of Vermonters as they faced the COVID-19 pandemic, and highlighted how hard local businesses continuously work to stay afloat — even when uncertainty looms overhead.
“We at VEDA were thrilled to fulfill a critical role during the pandemic by processing PPP loans for businesses that couldn’t easily obtain them from traditional financial institutions,” CEO Cassie Polhemus said. “Our staff, board of directors and partners helped make managing a tough time for everyone easier, and for that we’re grateful.”
Aside from the COVID-19 crisis, a warm start to spring affected maple syrup producers and commodity prices continued to present challenges for dairy farmers — still, VEDA was able to approve $14.3 million in loans for agricultural and forestry businesses, a $.4.1 million growth from the previous year.
“To see this kind of increase during an unprecedented year is really heartening, and it goes to show the value of VEDA as a resource for Vermonters,” Thomas Gallagher, board chair, said. “We look forward to furthering our work in helping local businesses and individuals thrive and continue to make Vermont the special place it truly is.”
For more detailed information about VEDA’s year, to read some incredible borrower stories and get to know the organization better, be sure to download the full annual report at VEDA’s website.
About VEDA: The Vermont Economic Development Authority is Vermont’s statewide economic development finance lender. Created by the General Assembly in 1974, VEDA’s mission is to contribute to Vermont’s economic vitality by providing a broad array of financing programs to eligible businesses that create jobs and help advance Vermont’s public police goals.