Vermont Business Magazine The Vermont Economic Development Authority (VEDA), in its capacity as the implementing entity for the State of Vermont, is seeking proposals to support the management of venture capital funds which will be allocated to the State of Vermont through the federal State Small Business Credit Initiative (SSBCI). On March 11, 2021, President Joe Biden signed The American Rescue Plan Act, which provided $10 billion to fund the State Small Business Credit Initiative (SSBCI).
SSBCI will fund state, territory, and Tribal government small business credit support and investment programs.
VEDA is requesting proposals from organizations that have the capability and desire to serve as a fund manager. These funds are intended to increase the amount of investment capital provided to new Vermont companies or to existing firms for the purpose of expansion. These funds are viewed as a catalyst to leverage private investment, increase business development, and the diversification of Vermont’s economy.
VEDA may select more than one fund manager to manage the estimated $28 million proposed for the venture capital program.
Interested parties can view the request for proposal here: https://www.veda.org/ssbci
The deadline for proposal submission is December 31, 2021, at 1:00 PM EST.
Source: Montpelier, VT – The Vermont Economic Development Authority 12.7.2021