Montpelier, VT – The Vermont Economic Development Authority (VEDA) approved over $16 million in new financing for Vermont businesses and farms for the quarter ended March 31, a $7 million increase in volume over the previous quarter.
The $16 million in new loans helped 41 different borrowers, of which 28 were in the small business and agricultural sectors. One such example is Jericho Settlers Farm. Founded in 2002, the farm grows certified organic vegetables and herbs for its year-round CSA programs, farm stand and wholesale customers - including many local restaurants. VEDA provided financing to help the farm purchase land and buildings it has been leasing in both Jericho and Richmond.
Of the $16 million in loan approvals, $9 million were in direct commercial loans, $2.5 million in small business loans, $2 million in agricultural loans, and another $2 million in renewable energy loans. VEDA also facilitated the approval of $483K for its affiliate loan programs like the Drinking Water State Revolving Loan Fund and the Vermont Brownfields Revitalization Fund.
VEDA PPP Lending
Since April 3, VEDA has processed over one hundred applications for the SBA Paycheck Protection Program (PPP), providing much needed liquidity to keep employees on payrolls and help cover overhead costs during a time when sales have significantly declined or ceased entirely for many businesses.
“While the high volume of new loans last quarter is encouraging, we are especially focused on helping Vermonters navigate the ongoing COVID-19 crisis,” said Cassie Polhemus, Chief Executive Officer at VEDA. “In addition to helping Vermont businesses access these Federal funds, VEDA is working very closely with its existing borrowers, helping them weather this period so they can continue their important contributions to our state’s economic vitality. It’s clear the demand far exceeded the supply of PPP funding appropriated during the first round, but we expect to see new appropriations in the week ahead and are accepting applications from all eligible Vermont businesses and farms.”
If you are a business owner in Vermont and need help, visit VEDA’s website to learn more about COVID-19 disaster relief options like the PPP program: https://www.veda.org/ppp-program.
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 four offices throughout Vermont – in Montpelier, Burlington, Middlebury and St. Johnsbury. For more information about VEDA, visit www.veda.org or call (802) 828-5627.