South Burlington, VT – VEDA approved 344 financings in FY2017 totaling nearly $199 million. For the second year running, the Authority also surpassed any prior year’s agricultural loan approvals.
These and other measures of the Authority’s contributions to Vermont’s economy will be presented today at VEDA’s 43rd Annual Meeting in South Burlington.
“VEDA’s two biggest areas of growth in FY2017 were tax-exempt conduit bonds and agricultural loans,” said VEDA Chief Executive Officer Jo Bradley. “Tax-exempt bonds are an important financing tool for larger businesses, and VEDA is the conduit that allows these companies to access the tax-exempt market.” In FY2017, VEDA issued $128.4 million in tax-exempt bonds.
VEDA made 135 loans $26.5 million through the Authority’s agricultural lending program, the Vermont Agricultural Credit Corporation (VACC) in FY 2017 -- outpacing all prior years. Bradley noted that agricultural loans now comprise 40% of VEDA’s portfolio. “The agricultural economy has become far more diversified, including not only dairy farms, but vegetable growers, cheese manufacturers, forest product businesses, and more. VEDA is so pleased to play a vital role in supporting growth in this important sector of Vermont’s economy.”
Of the financings closed in FY2017, 34% were agricultural loans, 29% were commercial projects, 21% were tax-exempt bond projects, and 16% were energy loans. As of June 30, 2017, VEDA had assets of $288.4 million, with a loan portfolio totaling $256.4 million. Since its inception in 1974, VEDA has approved financings totaling over $2.49 billion.
VEDA’s FY 2017 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 $2.49 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.