Vermont Business Magazine Vermont Works Management Company is given the green light by the USDA to participate in the Rural Business Investment Program (RBIP). Currently, there are less than ten licenses under this program in the US, and this designation is the first single state focused; all of the other RBICs have either nationwide or region-wide mandates. The goal of each RBIC is to provide development and growth capital in rural areas to help meet the equity capital investment needs of promising local businesses.
“Vermont has a strong ecosystem that helps entrepreneurs launch startup businesses,” said Senator Patrick Leahy (D-Vt.), former chairman and the most senior member of the Senate Agriculture Committee. “All too often, these businesses need to look outside the state for capital to grow and thrive. By granting this license, USDA is giving a significant boost to Vermont Works in their work to foster economic opportunities that will attract youth and innovation to Vermont.”
“Getting the USDA’s approval and becoming the first state-focused RBIC in the nation validates our approach and opens up opportunities to bring in significant capital from out of state to invest in Vermont,” explains Louisa Schibli, partner at Vermont Works Management Company. “Adding the capabilities provided by our RBIP license to our Vermont Innovation Commons and opportunity zone development efforts moves forward our unique strategy for marshaling knowledge, networks, and capital,” continues Bob Zulkoski, chairman of Vermont Works.
“A lot of hard work went into Vermont Works earning this certification, and our rural communities are going to reap the benefits thanks to the innovative entrepreneurs throughout our state who will now have easier access to more growth-stage capital," said Rob Miller, CEO of VSECU.
For more information on Vermont Works Management Company, visit vermontworks.co.
Source: BURLINGTON, Vt. (July 1, 2019)—Vermont Works