Burlington, VT – VEDA’s $64.3 million in financing in FY 2013 leveraged $120.8 million in private capital for commercial, small business and agricultural projects that totaled $185.1 million. Of the loans VEDA closed in 2013, 79 commercial and small business loans impacted 2,696 jobs having an average hourly wage of $31.71, including benefits.
These and other Fiscal Year 2013 summary figures will be presented today at the Authority’s 39th Annual Meeting in Burlington. Governor Peter Shumlin will speak at the event, as will noted Albany, NY Economist Hugh Johnson.
VEDA’s 2013 Annual Report is available for viewing online at www.veda.org.
“In FY 2013, VEDA’s lending activity coincided with Vermont’s recovery from incredible natural disaster experienced the year before,” said Jo Bradley, VEDA’s Chief Executive Officer. “Where the Authority broke records in FY 2012, delivering an unprecedented level of emergency financing to devastated businesses and farms, this year VEDA’s financing activity normalized to levels we knew prior to Tropical Storm Irene.” Bradley noted the Authority’s lending figures for the FY 2013 period reflected the resiliency of Vermont’s businesses and farms. “In town after town, businesses and farms continued to reinvest, rebuild, and chart new growth plans for the future,” Bradley said.
At June 30, 2013, manufacturing accounted for 21% of VEDA’s financing portfolio, with agriculture comprising 34%, travel and tourism accounting for 13%, and service-related businesses comprising 19%. In the past five years, VEDA has approved 1,887 separate financing instruments totaling $644.4 million.
In FY 2013, a new source of sustainable energy financing at VEDA was created through the passage of H.395. “The new Vermont Sustainable Energy Loan Fund will provide a strong impetus to the many Vermont businesses and farms – both large and small -- that seek to invest in their energy futures in sustainable ways, lower their carbon footprint, and increase their bottom line,” Bradley said. She noted the creation of the new energy Fund would not have been possible without the strong support of the Administration, Legislative Leaders, State Treasurer Beth Pearce, the Department of Public Service, the Vermont Energy Investment Corporation (VEIC), the Lake Champlain Regional Chamber of Commerce, and the Vermont Bankers Association.
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.