South Burlington, VT – In Fiscal Year 2016, VEDA approved financings of $129 million – higher than any prior year, including last year’s approvals of $88 million. The Authority also surpassed any prior year’s agricultural loan approvals – $25.8 million to Vermont farms and agricultural businesses.
These and other measures of the Authority’s contributions to Vermont’s economy will be presented today at VEDA’s 42nd Annual Meeting in South Burlington.
“VEDA had an impressive year in FY 2016,” said VEDA Chief Executive Officer Jo Bradley. “The Authority’s Staff worked incredibly hard to help hundreds of commercial and agricultural businesses and farms acquire the financing they needed to grow, thrive and create jobs for Vermonters.” Bradley also noted the importance of VEDA’s many lending partners in collaborating on financing packages throughout the year. “The amount of private capital leveraged in VEDA-financed projects rose to $162 million in FY 2016, compared to $93 million the year before, and $82 million the year before that,” said Bradley.
Agricultural loans through the Vermont Agricultural Credit Corporation (VACC) in FY 2016 outpaced all prior years. “We had a particularly successful year in our agricultural lending program, with the agricultural sector now comprising approximately 35% of VEDA’s total loan portfolio,” said Bradley. VACC made $25.8 million in loans to 235 Vermont farmers, agricultural facilities, forestry and forest product-based businesses.
In direct commercial lending, VEDA approved $38 million, including almost $15 million in energy lending. Over the last five years, VEDA has approved $37.5 million in energy lending, primarily for renewables, and since inception of its energy lending programs, VEDA has participated in over $100 million in renewable energy projects.
As of June 30, 2016, VEDA had assets of $274.8 million, with a loan portfolio totaling $259 million. Since its inception in 1974, VEDA has approved financings totaling over $2.288 billion.
VEDA’s FY 2016 Annual Report is available for viewing online at www.veda.org.
The Vermont Economic Development Authority (VEDA) is Vermont’s nonprofit economic development finance lender. Created by the Vermont General Assembly in 1974, VEDA’s mission is
“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 inception, VEDA has provided over $2.288 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises.
VEDA has five offices throughout Vermont – in Montpelier, Burlington, Middlebury, St. Johnsbury and Brattleboro. For more information about VEDA, visit www.veda.org or call 802-828-JOBS.