South Burlington, VT – The Vermont Economic Development Authority (VEDA) closed 273 financings totaling $76.9 million in FY 2015, compared with the prior fiscal year’s 254 financings totaling $59.8 million. The amount of private capital leveraged in these economic development projects also increased – over $93 million in FY 2015 compared with $83 million the year before.
These and other measures of the Authority’s contributions to Vermont’s economy will be presented today at VEDA’s 41st Annual Meeting in South Burlington. Hugh Johnson, Chairman and Chief Investment Officer of Hugh Johnson Advisors from Albany, New York will speak at the event.Since 1974, VEDA has been Vermont’s nonprofit economic development finance lender, providing flexible and innovative financing opportunities to help stimulate growth in Vermont’s economy. “VEDA’s innovations in economic development financing over the years have helped thousands of businesses and farms create jobs for Vermonters,” said VEDA Chief Executive Officer Jo Bradley. “We are especially pleased to see that in FY 2015, the Energy and Entrepreneurial Loan Programs recently implemented with the help of the Administration and Legislative leaders have been helpful to borrowers.”
Under the Energy Loan Program, VEDA closed 23 renewable energy projects totaling $7.5 million. VEDA’s Entrepreneurial Loan Program, developed to help meet the working capital and capital-asset financing needs of Vermont-based businesses in seed, start-up and growth stages, closed $2.0 million in financing for eleven companies.
Of the financings VEDA closed in FY 2015, 33% were for commercial projects, 20% were agricultural loans, 37% were tax-exempt conduit bonds, and 10% were for small business projects.
Today, VEDA has $247 million in assets, with a loan portfolio totaling $210 million at June 30, 2015. This reflects an industry mix of 36% agriculture, 19% services, 18% manufacturing, 12% tourism, 5% wholesale/retail trades, 5% energy generation and distribution, and 5% other commercial.
Since its inception in 1974, VEDA has approved 7,717 separate financing instruments totaling over $2.16 billion, including direct commercial loans of over $379 million, agricultural loans exceeding $280 million, and small business loans totaling almost $75 million.
VEDA’s 2015 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. 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 thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises, helping them to realize their business growth goals, create jobs, and enhance the vitality of Vermont’s economy.