Addison County Business Resource Update

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Addison County Business Resource Update

Wed, 01/25/2023 - 4:13am -- tim

The Addison County Economic Development Corporation is promoting many Federal and State resources currently available to Vermont businesses and organizations. This includes the Short Term Forgivable Loan Program application is open to all business sectors. Businesses with fewer than 500 employees, operating since March 13, 2020, and suffering economic harm from COVID-19 may apply. As of November 1, 2022, the program is open to all business sectors. If you have any questions or need help navigating any of these programs, contact them via email at [email protected] or phone 802-388-7953.

ARPA-Funded (Temporary) Programs
Short Term Forgivable Loan Program
Short Term Forgivable Loan Program

The Short Term Forgivable Loan Program application is open to all business sectors. Businesses with fewer than 500 employees, operating since March 13, 2020, and suffering economic harm from COVID-19 may apply.

As of November 1, 2022, the program is open to all business sectors.

For application and guidelines visit the VEDA website.

 
Community Recovery and Revitalization Program

The CRRP will provide funding for projects that spur economic recovery and revitalization in communities across the state. Eligible uses for these funds include capital improvements related to the renovation or creation of childcare and affordable housing for low and moderate income households, capital projects that assist nonprofits and small businesses in industries most impacted by the COVID-19 pandemic, and municipal water supply and wastewater projects that build housing or create jobs through business creation and expansion. These recovery funds are intended to retain and expand existing businesses and nonprofit organizations with a preference for projects that primarily serve BIPOC populations and projects located in regions and communities with declining or stagnant grand list values.

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Creative Futures Grant Program
Creative Futures Grant Program

Round 2 of the Creative Futures Grant Program is open until February 28, 2023.

The aim of this program is to provide aid to creative sector organizations and businesses that continue to struggle financially due to the impact of the Covid-19 pandemic.

This program is open to all Vermont-based creative economy nonprofits and for-profit businesses including sole proprietors that can demonstrate economic harm caused by or exacerbated by the Covid-19 pandemic.

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Ongoing Programs
Vermont Training Program (VTP)

The Vermont Training Program (VTP) provides performance-based workforce grants for pre-employment training, training for new hires, and training for incumbent workers. VTP grants may cover up to 50% of the training cost. Grants are paid out on a reimbursement basis upon completion of employee training.

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Trade Show Assistance Grants

The Vermont Agency of Agriculture, Food & Markets (VAAFM)’s Trade Show Assistance Grants provide Vermont agricultural and forestry businesses with funds to identify, plan, exhibit, and sell their Vermont products at out-of-state trade shows or virtual shows targeting out-of-state buyers. These matching grants can mitigate the financial risks associated with exhibiting at trade shows, which provide excellent opportunities to network with wholesale buyers.

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International Trade Assistance

The State Trade Expansion Program (STEP) is funded in part through a grant from the U.S. Small Business Administration (SBA) and is administered by the Vermont Department of Economic Development. Funding assistance is available to eligible small business exporters to support entry into foreign markets or expand international export activity through trade shows, trade missions, market research, e-commerce, and export education.

Eligible Vermont businesses working to expand into international markets may apply to receive reimbursements of up to 75 percent of pre-approved, allowable, export-related expenses, up to a maximum of $20,000 per year.

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Elevate Vermont

Elevate Vermont is a technology-based economic development program designed to catalyze growth in Vermont’s high tech business sector through increased access to targeted technical and research assistance. A mix of technical assistance and grant matching will be available for:

  • One-on-one professional support to apply for Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants,
  • Matching funds which can be used to offset costs related to commercializing a new product that cannot be supported with Federal SBIR/STTR funds, such as sales and marketing expenses, and
  • Access to research institutions that can help solve product development challenges.
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Vermont Arts Council Creation Grants

The Vermont Arts Council is now accepting applications for its annual Creation Grant, which supports artists in creating new work. Grant funds may be used to compensate artists for time spent creating new work, to purchase materials, or to rent equipment or space for the process. This highly competitive program is reviewed by an independent panel of practicing artists and arts professionals. Both established and emerging artists are encouraged to apply.

The grant amount for this program has been increased this year to up to $5,000 maximum.

New: The People's Choice Creation Grant

The People’s Choice Creation Grant Award is a unique opportunity for artists—and the broader Vermont community—to participate in the highly competitive Creation Grant program, discover new artists across a wide range of artistic disciplines, and vote on which proposal to fund.

There will be a Creation Grantseeker Workshop on February 9th from 4-5pm via zoom. Artist Services Manager Dominique Gustin will provide an overview of the program followed by a Q&A session.

Application deadline is April 3, 2023.

Full Details and Online Application

 
Vermont Employment Growth Incentive (VEGI)

The Vermont Employment Growth Incentive (VEGI) program provides cash payments to authorized businesses who meet performance requirements. The value of each payment is based on the revenue return generated to the State by prospective qualifying jobs, payroll creation, and capital investments.

The VEGI program provides incentives from the State of Vermont to encourage prospective economic activity in Vermont that is beyond a business’s organic growth—growth that would not occur, would not occur in Vermont, or would occur in a significantly less desirable manner without the incentive. The economic activity can be generated by a Vermont company, a Vermont division adding new qualifying employees, a company that is considering Vermont as a new location, or a start-up business. Once authorized, the incentives are earned and installments paid if performance requirements are met and maintained.

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Worker Relocation Incentive Program

The Worker Relocation Incentive Program is now live and accepting applications from those looking to move to the state, whether to work remotely or take a job with a Vermont company. These grants are awarded on a first come, first served basis, and completing a valid application does not guarantee a grant. These are reimbursement grants and proof of moving expenses is required.

Note: The Worker Relocation Incentive Program has received applications for more funding than is currently available. While applications continue to be processed in the order they were received, and the program will remain open and continue to accept applications, applicants should understand that funding is not guaranteed.

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Agency of Agriculture Funding Opportunities

The Vermont Agency of Agriculture, Food and Markets maintains a calendar of available funding opportunities on their website. Some opportunities are open year-round, others are only available for specific time periods during the year. These grants are available for specific agricultural needs; click "read more" below to see the full list.

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Webinars & Training
International Training for Vermont Businesses
International Training for Vermont Businesses

Trade Talk Tuesdays is a series of export training webinars for Vermont businesses interested in doing business internationally. The training is virtual and takes place from 10am-12pm on the dates designated below. A separate registration is required for each session and costs $50 per class.

February 7, 2023

HTS/Schedule B Classification

This webinar will assist Vermont firms to understand how to use the Harmonized Tariff System for imports and the Schedule B listing for exports.

Registration

April 18, 2023

Export Compliance

This webinar is ideal for exporters of all experience and will help companies begin to build a secure and export compliant system.

Registration

May 9, 2023

Export Compliance 201

This training program will help companies become fully compliant by reviewing a host of US export and import regulations.

Registration

This training series is coordinated by the Vermont Department of Economic Development and the U.S. Commercial Service and funded in part through the State Trade Expansion Program (STEP), a grant with the U.S. Small Business Administration. For more information about the trainings or about STEP, contact [email protected].

 

Addison County Economic Development Corporation 

1590 Route 7 South, Suite 8, Middlebury, VT 05753

(802) 388 - 7953

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