VEDA tops $80 million
in financing approvals
The Vermont Economic Development Authority's (VEDA's) total project financing approvals across all programs for Fiscal Year 2008 was $80.1 million, up from $77.8 million last year.
VEDA closed two hundred commercial agricultural and small business loans, totaling $46.4 million during the year. Because of this, Vermont business development projects received an additional $47.9 million in private investment.
Of the 63 commercial projects financed in Fiscal Year 2008, it's estimated that 1,980 jobs were impacted, having an average hourly wage of $20.89.
Manufacturing accounted for 30 percent of the combined portfolio of direct VEDA loans. Agriculture made up 24 percent and service-related businesses, 23 percent.
VEDA's net assets under management increased over the past ten years, from $24.9 million in 1999 to $33.6 million as of June 30, 2008.