12/09/2021 - Montpelier, VT –The Vermont Economic Development Authority (VEDA), in its capacity as the implementing entity for the State of Vermont, is seeking proposals to support the management of venture capital funds which will be allocated to the State of Vermont through the federal State Small Business Credit Initiative (SSBCI).
On March 11, 2021, President Biden signed The American Rescue Plan Act, which provided $10 billion to fund the State Small Business Credit Initiative (SSBCI). SSBCI will fund state, territory, and Tribal government small business credit support and investment programs.
VEDA is requesting proposals from organizations that have the capability and desire to serve as a fund manager. These funds are intended to increase the amount of investment capital provided to new Vermont companies or to existing firms for the purpose of expansion. These funds are viewed as a catalyst to leverage private investment, increase business development, and the diversification of Vermont’s economy. VEDA may select more than one fund manager to manage the estimated $28 million proposed for the venture capital program.
Interested parties can view the request for proposal here. The deadline for proposal submission is December 31, 2021 at 1:00 PM EST.
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.