04/21/2021 - Montpelier, VT – During the most recent quarter ended March 31, the Vermont Economic Development Authority (VEDA) approved over $14.4 million in new financing to support commercial, agricultural, small business and renewable energy projects across Vermont. VEDA also closed over $25.4 million in new loans, including $14.5 million in Paycheck Protection Program (PPP) forgivable loans for over 300 businesses and farms.
“VEDA has been working hard in partnership with our state’s lenders and Regional Development Corporations to help an impressive variety of businesses and farms to not only persevere during this difficult time, but also to grow, so they can continue to create jobs and fuel our economy,” said Cassie Polhemus, Chief Executive Officer at VEDA. “Beyond the immediate economic relief addressed by PPP, we are committed to serving Vermont’s long-term economic goals including broadband expansion, agricultural expansion and diversification, and building sustainable energy generation projects.”
The newly approved $14.4 million in financing was for 28 new borrowers around the state. This includes loans of $3.9 million for renewable energy projects, including new solar arrays in St. Albans and Concord. A total of $1.9 million was approved for eight different small businesses, including three retail stores, a microbrewery, a childcare center, and three hospitality businesses.
In the agricultural sector, VEDA approved financing for twelve applicants totaling $2.3 million, including Fell-Vallee Equestrian Center. Accomplished equestrian Jamie Fell, a U.S. Dressage Foundation (USDF) Bronze and Silver medalist, and her mother Joan Lavallee moved their business to Colchester after purchasing a farm that had been vacant for many years. The new location has excellent facilities with lessons and training for all levels of riding, as well as boarding, dressage and other clinics.
VEDA approved $4.2 million in financing through its affiliate loan programs this past quarter, including financing from the Clean Water State Revolving Loan Fund that VEDA operates with the Department of Environmental Conservation (DEC) for the Vermont Land Trust and its Farmland Futures Program. Affiliate financing was also approved for the Town of Berlin, from the State Infrastructure Bank (SIB) program that VEDA operates in partnership with the Vermont Agency of Transportation and the Federal Highway Administration. The SIB loan to the Town will be used to replace a failed culvert on Fisher Road.
VEDA closed $25.4 million in new loans during the quarter ended March 31, including $3.7 million in the agricultural sector, $915 thousand for small businesses, $1.4 million in renewable energy and $4.8 million for its affiliate loan programs.
The second round of the PPP program, which provides forgivable loans to businesses impacted by COVID-19, began on January 11 and was recently extended to May 31. VEDA processed $14.5 million in new PPP loans for over 300 borrowers across many of Vermont’s economic sectors, including restaurants and hospitality, retail, agriculture and small professional services businesses.
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 over $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.