Burlington, VT – The Vermont Economic Development Authority (VEDA) experienced an all-time high in loan volume in Fiscal Year 2010, closing 322 separate financings, and breaking the previous year’s record of 315 loans closed. The Authority’s financing investments for the year in the manufacturing, agriculture, small business and service sectors of Vermont’s economy totaled nearly $80 million in FY2010, as compared with $94.4 million the prior year. The average hourly wage of the jobs created by companies receiving VEDA financing assistance, including benefits, was projected to be $24.19.
VEDA’s year-end figures will be presented today at the Authority’s 36th Annual Meeting in Burlington.
“For the second year running since the beginning of the current deep national recession, VEDA loan programs have experienced far greater than usual demand,” said Jo Bradley, VEDA’s Chief Executive Officer. “For many of the projects funded, VEDA played a pivotal role in cementing public/private financing packages to help businesses grow and create jobs for Vermonters,” said Bradley.
During FY 2010:
- VEDA received $1.95 million in State funding, helping the Authority to reduce interest rates and pass these savings on to Vermont businesses and farmers;
- VEDA’s federal tax-exempt bond capacity was increased by $135 million through the American Recovery and Reinvestment Act (ARRA), an amount VEDA worked successfully to allocate in its entirety prior to the federal deadline;
- VEDA closed 94 commercial and small business loans totaling $26.3 million, compared with 100 such closings totaling $19.4 million in 2009; and
- The Vermont Agricultural Credit Corporation (VACC), VEDA’s agricultural loan program, helped sustain the operations of Vermont farmers, closing 208 low-interest loans totaling $17.6 million.
VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.7 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.