Montpelier, VT – The Vermont Economic Development Authority (VEDA) approved $10.3 million in commercial development financings, leveraging additional investment of $16 million to help support commercial projects totaling $26.3 million. The Authority also approved $6.1 million in agricultural and drinking water system improvement loans, bringing total VEDA financing approvals for the last three months to $16.4 million.
“It has been gratifying to see such diversity in the types of projects coming to the Authority for financing,” said Steve Greenfield, VEDA’s Chief Operating Officer. “VEDA’s loan approvals and resulting leverage of other investment during the last three months will help stimulate business development and renewable energy projects across Vermont. VEDA is pleased to help bring these development plans to fruition.”
VEDA approved the following commercial financings:
- Four Direct Loans totaling $6.3 million for manufacturing, mortgage insurance, and downtown development projects;
- Twenty-four Small Business Loans totaling $3.2 million to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing;
- Four Sustainable Energy Loans totaling $571,080 for sustainable energy generation and/or efficiency improvement projects through the Vermont Sustainable Energy Loan Fund; and
- Two Brownfields Revitalization Loans totaling $240,643 for the redevelopment of contaminated properties.
VEDA also approved the following agricultural and drinking water system improvement loans:
- Thirty-eight Agricultural Loans totaling $5.9 million to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC); and
- Four loans totaling $255,833 to repair or improve existing privately-owned drinking water systems through the Drinking Water State Revolving Loan Fund.
The Vermont Economic Development Authority (VEDA) is Vermont’s statewide economic development finance lender. VEDA was created by the General Assembly in 1974 with a mission “to contribute to the creation and retention of quality jobs in Vermont by providing loans and other financial support to eligible and qualified Vermont industrial, commercial and agricultural enterprises.”
Over the years, VEDA has grown and adapted its financing programs to keep pace with an ever-changing economy. 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 1974, VEDA has provided over $2.0 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises, helping them to realize their business growth goals, create jobs, and enhance the vitality of Vermont’s economy. For more information about VEDA, visit www.veda.org or call 802-828-JOBS.