08/26/2021 - Montpelier, VT – During the most recent quarter ending June 30, The Vermont Economic Development Authority (VEDA) approved over $26.6 million in new financing to support 408 farms and businesses throughout Vermont. VEDA surpassed its previous quarter with a near $13 million increase. Of the newly approved financing, a total of $9.7 million was approved through VEDA’s traditional loan programs and $17.7 million in Small Business Administration (SBA) Paycheck Protection Program loans (PPP).
"The $9.7 million in loans approved in VEDA’s traditional loan programs are for 35 businesses in a broad range of sectors located in thirteen of Vermont's counties,” said Cassie Polhemus, Chief Executive Officer at VEDA. Despite the challenges brought on by the COVID-19 pandemic, Vermont businesses and farmers continue to adapt to the challenges out of their control. The amount of determination, creativity, and grit epitomizes the strength of Vermont’s business owners, entrepreneurs, and farmers.
VEDA approved $5.2 million in its Commercial and Small Business Loan Programs, $1.7 million in its Agricultural Loan Program, and $596,000 in its Renewable Energy Loan Programs. In addition, $815,000 of Drinking Water Loans and $500,000 of Clean Water Loans were approved in programs administered by VEDA for the State of Vermont Agency of Natural Resources.
A small sampling of VEDA’s activity during the quarter includes the projects described here.
- VEDA approved a $375,000 Energy Loan for Novus Morrisville Solar, LLC to help partially fund the development of two solar projects in Morrisville, VT. The projects will help reduce electricity costs of the Town of Morrisville and a local nursing home.
- VEDA approved a $240,000 loan under its delegated lender status in the SBA’s Community Advantage Loan Program to provide partial financing to purchase the historic Fox Creek Inn located in Chittenden County. Fox Creek Inn is an eight-bedroom bed and breakfast that closed in November 2018 when the previous owner retired. This purchase will allow the historic inn to reopen under new ownership.
- VEDA approved a $154,575 loan to Charles Shackleton and Miranda Thomas LTD, a maker and seller of fine furniture and pottery located in the historic Bridgewater Mill building. Loan proceeds will be used for leasehold improvements, a CNC machine, and the construction of a rooftop solar array that will help the company lower its energy costs.
- VEDA’s agricultural loan program provided $174,000 in total financing to Fibonacci Acres, LLC to construct a barn and purchase equipment for a Christmas tree farm which will enable it to diversify into other agricultural products, including laying hens, broilers, turkeys, and hogs.
VEDA closed loans totaling over $74.6 million last quarter, including $30.9 million in SBA PPP loans. The SBA stopped accepting PPP applications in May.
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.