VEDA CEO Cassie Polhemus greets Governor Scott at The Essex. Photos by Jessie Forand/Junapr
VEDA Reflects on Past Year with Annual Report Release
Vermont Business Magazine Unveiled at its annual meeting and luncheon last week, the Vermont Economic Development Authority (VEDA) reflected on the 2022 fiscal year with its annual report.
VEDA CEO Cassie Polhemus said the agency, in its 48th year, approved $160.9 million in new financings from July 1, 2021, through June 30, 2022. This equates to a 244 percent growth from the previous year, which was heavily impacted by the COVID-19 pandemic.
Addressing Governor Phil Scott in a letter opening the report, Polhemus referenced the “VEDA Law,” Act 91, enacted this year.
“This legislation enables VEDA to provide greater and more meaningful impact in larger and complex economic development projects,” Polhemus wrote. “It also enables VEDA to better serve the growing service economy and long-term care service providers. We are already experiencing how this legislation is helping VEDA and its lending partners fill financing gaps.”
Other items of note from VEDA:
● Loans totaling $53.6 million were approved in commercial, small business and energy programs
● New loans increased by 86 percent for a total of $57.1 million
● Financing positively impacted about 2,200 Vermont jobs
● Revenue bonds in the amount of $95.9 million were approved in sectors including waste management and long-term care service providers
● $8.7 million was approved for agricultural loans to about 50 farm businesses
The annual report reads in part: "During this past fiscal year, we helped an incredible 806 Vermont businesses and farmers - nearly double the number from fiscal year 2020 - by approving $81.1 million in financing and impacting approximately 6,000 jobs. Businesses from all fourteen Vermont counties and operating in 19 different major industry classifications received financing from VEDA this past year. …
"VEDA filled a critical role in the PPP program by processing loans for businesses that could not easily obtain them from traditional financial institutions. When the SBA closed the program to banks and credit unions in early May of this year, VEDA again filled the gap by approving and closing an astounding 254 PPP loans during the final weeks before the program ran out of funding. This was accomplished with a lot of collaborative work with our statewide partners, and the high level of commitment and dedication of our incredible Staff.
"At June 30, 2021, VEDA had $333.7 million in total assets. Its loan portfolio totaled $287.7 with 34% in loans to the agricultural sector, 26% to small businesses, 21% to commercial enterprises, 13% to renewable energy projects and 7% to regional development corporations.”
To read about highlighted borrowers, learn more about financials and get to know VEDA better, visit VEDA’s website for the full report.
The Essex contributed this ice sculpture to greet attendees at VEDA's annual meeting.
About VEDA: The Vermont Economic Development Authority is Vermont’s statewide economic development finance lender. Created by the General Assembly in 1974, VEDA’s mission is to contribute to Vermont’s economic vitality by providing a broad array of financing programs to eligible businesses that create jobs and help advance Vermont’s public policy goals.
MONTPELIER, Vermont (Nov. 4, 2022) — VEDA.org