Coupled with Statute Change, More Opportunities Exist for Vermont’s Wood Industry
Vermont Business Magazine The Vermont Economic Development Authority, or VEDA, today unveiled a new loan program available to businesses in the state’s forest economy.
Three million dollars in total financing can be provided in the form of loans up to $500,000 with subsidized interest rates for loggers, foresters, log haulers, biomass producers, sawmills, firewood producers and wood product manufacturers, for working capital, equipment and refinancing.
According to the Vermont Forest Futures Strategic Roadmap, the forest-based economy in the Green Mountain State accounts for about $2.1 billion annually and more than 13,800 jobs. The wood products industry has a rich history in Vermont’s economy and ecology alike — and it is a world known for high operating costs, variable markets and one heavily impacted by outside factors.
“Loggers, foresters and others in the wood products industry are dedicated to maintaining our state’s most beautiful renewable resource. But their day-to-day work remains at the mercy of Mother Nature, fluctuating markets and enormous operating expenses,” VEDA CEO Cassie Polhemus said.
Other VEDA news impacting the forest and agricultural economies
Last week Governor Phil Scott signed into law expanded access to existing VEDA agricultural and forestry loan programs for farmers and forestry industry businesses
The 2024 Vermont Forest Industry Summit will convene this week, on June 6, at the appropriately named Ponds and Timberline Lodge at Bolton Valley Resort. VEDA is a sponsor of the event and will be on hand as an exhibitor to reach attendees on-site
The daylong event from the Vermont Sustainable Jobs Fund will focus on developments in forest products, land use planning, forest management and recreation
“We are proud to support the summit and Vermont’s forest industry and we will continue to work with businesses to create financial opportunities that suit their unique needs,” Polhemus said.
VEDA, now in its 50th year, is tasked with furthering the state’s workforce, business development and public policy goals — something it continues to do through financing programs that help small business owners grow and create jobs.
The Vermont Economic Development Authority is the 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 police goals. veda.org
Source: MONTPELIER — (June 4, 2024) The Vermont Economic Development Authority
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