Montpelier, Vermont -- The Vermont Economic Development Authority (VEDA) announced today that it has secured additional funding of more than $4.4 million for lending to Vermont’s small businesses through the third disbursement from the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI). The disbursement is the final allocation of a total $13.2 million awarded to Vermont by the U.S. Treasury in May, 2011.
“This allocation will increase the availability of low-interest financing for Vermont small businesses,” said VEDA CEO Jo Bradley. “We are very thankful for the assistance provided by Governor Shumlin’s Administration and Vermont’s Congressional delegation in securing these funds for Vermont. Without their help, approval of Vermont’s SSBCI funding would not have been possible.”
“This is great news for Vermont’s small business owners and their employees,” said Governor Peter Shumlin. “VEDA is receiving this third installment after already successfully lending out $8.7 million in SSBCI funding. To date, the federal funds have generated a total of $116.7 million in private sector financing to Vermont businesses. These funds are important to supporting our employers and growing jobs."
According to Jeffrey Myers of Myers Red Can Recycling Center, whose business received a loan of $1.4 million for the construction of a new 13,600 sq. ft. recycling facility in Colchester, “Without this funding, our expansion would have been put on hold.” The company expects to add 17 new jobs.
“We are pleased to be able to continue our program,” said Bradley, “assisting the growth of Vermont’s small business community. With the help of Vermont’s financial institutions, we will be able to leverage these funds with private capital to continue to move Vermont’s economy forward.”
SSBCI was created through the Small Business Jobs Act of 2010. Vermont’s SSBCI funding is distributed through the Vermont Economic Development Administration’s small business lending program. For more information about VEDA small business loan programs, visit www.veda.org or call 802-828-JOBS.