Montpelier, VT – The Vermont Economic Development Authority (VEDA) today announced its financial summary for the 2019 fiscal year. VEDA approved 231 new loans, providing $87.9 million in financing assistance to Vermont entrepreneurs, manufacturers, small businesses, and agricultural enterprises.
“It was a record year for our small business loan programs, with over $10.5 million in approved financing for a key sector that drives job creation and our state’s economic vitality. Our loan programs provide access to capital at affordable rates for small businesses,” said Cassie Polhemus, VEDA’s Chief Executive Officer. “Some other trends we’re seeing across the state include downtown revitalization projects, continuation of solar installations and diversification strategies from our dairy farmers.”
The Authority approved $22.3 million in agricultural loans. Through its Farm Operating Loan Program, VEDA has helped over 31 dairy farms (to date) by making low interest loans for crop planting and refinancing high-rate debt.
Commercial loan approvals of $56.7 million in FY19 included job retention projects, business expansions, equipment financing and downtown revitalization projects, such as Bennington’s Putnam Block. VEDA continues to support Vermont’s renewable energy infrastructure, with $6.9 million in financing towards solar projects. The Authority also approved loans of $2.1 million for its affiliate loan programs, including the Drinking Water State Revolving Loan Fund and Windham County Economic Development Program.
Over the last five years, VEDA has provided $165 million in direct commercial financing and leveraged over $444 million in private capital to support over $609 million in projects across the state of Vermont.
VEDA hosts its Annual Meeting today in South Burlington, with guest speaker Daniel Silver, Senior Economist from JP Morgan Chase. Several of VEDA’s recent borrowers will also be in attendance, including Red Wagon Plants, Rogers Farmstead, Chappelle’s Vermont Potatoes, Vermont Shepherd, Scholten Family Farm, NU Chocolat, Skinny Pancake, Shacksbury Cider, Saxton’s River Distillery, Runamok Maple and LEDdynamics.
VEDA’s fiscal year runs from July through June. As of June 30, 2019, VEDA had $316 million in total assets. Its loan portfolio totaled $279.1 million. Since its inception in 1974, VEDA has approved financings totaling over $2.5 billion.
The Authority’s 2019 Annual Report can be downloaded at www.veda.org/about-veda/annual-reports/.
The Vermont Economic Development Authority (VEDA) is Vermont’s economic development finance lender. Created by the Vermont 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 policy goals.
VEDA offers a wide range of low-cost lending options for Vermont businesses and farms of all sizes, and the Authority’s lending solutions are customized to each borrower’s individual needs. Whether in the form of direct loans, tax-exempt bond issuance or loan guarantee support, VEDA’s innovative financing programs help ensure that Vermont businesses and farms have the capital they need to grow and succeed. VEDA most often lends in conjunction with banks and other financing partners, helping to stimulate economic development activity in Vermont.
Since inception, VEDA has provided $2.5 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises.
VEDA has five offices throughout Vermont – in Montpelier, Burlington, Middlebury and St. Johnsbury. For more information about VEDA, visit www.veda.org or call 802-828-JOBS.