MONTPELIER, VT - Special loan programs are now available for affected building contractors holding unpaid invoices for work done at Jay Peak and Burke Mountain Ski Areas. The Vermont Economic Development Authority (VEDA) and the Northern Community Investment Corporation (NCIC) are collaborating to provide interim working capital financing to eligible and qualified affected businesses as they face a busy summer construction season.
"There are companies who through no fault of their own are caught in a situation where they need working capital to be able to take on new construction contracts while they await payment, and protect their workers in the process," said Pat Moulton, Vermont Secretary of Commerce and Community Development.
VEDA has created the Jay/Burke Contractor Assistance Loan Program, providing financing through the Authority's Small Business Loan Program; no State funding will be utilized. Loans typically will be made for up to six years, with payments in the first year made on an interest-only basis. Loans will be due at the earlier of collection of the contractor's receivables, or at loan maturity, which may be extended, if necessary.
"We believe it is vital to the health and vitality of these affected businesses to help them bridge their way to a robust 2016 construction season," said VEDA CEO Jo Bradley. "We are hopeful that an injection of interim working capital financing will help qualified businesses start new projects and keep their workforce employed, which is very important for the region."
"NCIC is working seamlessly with VEDA in this program to help contractors from the Northeast Kingdom of VT and Northern NH continue operations and sustain employment," said Jon Freeman, NCIC President.
For more information about the loan programs, please visit http://www.veda.org/jay-burke-contractor-assistance-loan-program and www.ncic.org, or call VEDA at 802-828-5627, and NCIC at 802-748-5101.
The Vermont Economic Development Authority (VEDA) is Vermont's economic development finance lender. VEDA was created by the General Assembly in 1974 with a mission "to contribute to the creation and retention of quality jobs in Vermont by providing loans and other financial support to eligible and qualified Vermont industrial, commercial and agricultural enterprises." 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 1974, VEDA has provided over $2.16 billion in financing assistance to Vermont businesses and farms. For more information about VEDA, visit www.veda.org or call 802-828-JOBS.
Established in 1975, the Northern Community Investment Corporation (NCIC) is a 501(c)3 non-profit corporation that provides capital and expertise to strengthen businesses, communities and employment opportunities across Northeastern Vermont and Northern New Hampshire. NCIC develops lending solutions and coaching services based on individual business needs and supports community leaders with job-based solutions including industrial infrastructure, telecommunications, energy and tourism development. NCIC serves New Hampshire's Carroll, Coos and Grafton Counties and Vermont's Caledonia, Essex and Orleans Counties. NCIC offices are located in Lancaster, NH and St. Johnsbury, VT. For more information visit www.ncic.org.