Department of Economic Development
January 2025
MESSAGE FROM COMMISSIONER GOLDSTEIN
The legislative session has officially kicked off! Last week, the Governor delivered his Inaugural Address outlining important policy priorities, including further housing reform and a new approach to education funding. This session is also an opportunity to meet flood recovery and housing needs by building on our successful Tax Increment Financing program. We look forward to continuing to work with Legislators over the next few months to meet shared goals with strategic solutions.
The Governor also used the speech as an opportunity to highlight several successes, including a shoutout to the great work of the Brownfields Revitalization Fund! “Since October 2021, state funding for brownfields has helped clean up 42 contaminated sites, making way for over 700 new homes – adding economic value for communities after years of being an eye sore.”
Please review the below opportunities and mark your calendars with relevant dates so that you can participate. Please reach out to us if you have ideas or questions or requests on how we can be of assistance to your businesses, organizations, or communities.
Sincerely,
Joan Goldstein
Commissioner, Department of Economic Development
[email protected]
Join Vermont at Aeromart Montréal
Vermont businesses in aerospace, aviation, and defense are invited to participate in Aeromart Montréal, the premier forum for global aerospace supply chains, from March 25-27. Thanks to State Trade Expansion Program (STEP) funding, eligible businesses can attend for just $500 (a $4,500 value).
2025 NBRC Funding
A new round of Northern Border Regional Commission (NBRC) funding will be available for community and economic development projects statewide. The required pre-application for all prospective applicants is due on February 28. Applications (by invitation) are due on April 11. Additional program materials and details are available at nbrc.gov.
Upcoming Webinars for Prospective Applicants
- NBRC Program Overview
Wednesday, January 29 | 11:00 AM – 12:30 PM EST - Catalyst Program Overview
Wednesday, February 5 | 12:30 – 2:00 PM EST - Forest Economy Program Overview
Wednesday, February 5 | 10:00 – 11:00 AM EST - Timber for Transit Program Overview
Wednesday, February 5 | 11:15 AM – 12:15 PM EST
Farm & Forest Viability Program Specialized Business Planning
Looking to increase profitability, make strategic decisions, or transition to a new enterprise or ownership? This low-cost program works with farm, food, and forest businesses to navigate the complexities of running a successful business. It offers in-depth advising with experienced professionals to help improve business skills, plan for the future, and recover from weather-related disasters. To learn more, email [email protected], call 802-828-3370, or visit vhcb.org/viability.
Sara (left) and Jimmy Ackermann (right), Ackermann Dairy in Wolcott. Credit: Calley Hastings
Rutland Approves New TIF District
The city’s Tax Increment Financing (TIF) district will pave the way for transformative downtown development, including a new hotel with residential units and the redevelopment of the former Lynda Lee factory to mixed-income housing.
Captive Insurance Collaboration: Butler in Vermont
Left: Captive Insurance Economic Development Director (in white). Right: Butler University Professor Tom Faulconer (center).
Vermont, the world’s top domicile for captive insurance, recently hosted students and faculty from Butler University’s MJ Student-Run Insurance Company, Ltd., showcasing the state’s expertise in self-insurance. During their visit, the group conducted their inaugural board meeting, attended a mixer with local universities, and explored collaborative efforts to advance risk management and captive insurance education while shaping the future of the captive insurance landscape.
Captive Formations Among Top Ten Highest in Vermont's History
Vermont captive insurance continues to outperform the competition. Vermont licensed a total of 41 new captive insurance companies in 2024, one of the most annual formations in state history. 2025 is already off to a great start, with eight new captives licensed in the first week of January. Read more about the recent success of Vermont’s award-winning captive insurance and efforts to get more young people into the captive insurance industry.
NERDIC Ecosystem Meeting
Left: Deputy Commissioner Brett Long. Right: (With microphone) Bonnie Sanders, APEX Accelerator Procurement Specialist.
The New England Regional Defense Industry Collaboration (NERDIC) recently convened a meeting of defense manufacturing and workforce development stakeholders with the goal of “Getting Our New England Workforce Ready for the Future.” The event focused on regional manufacturing opportunities and a shared vision for the future. Highlights included remarks from the NERDIC Co-Chairs, Connecticut Center for Advanced Technology, MassTech, and the Vermont Manufacturing Collaborative on the program’s progress and panel discussions on challenges and solutions in the defense industry supply chain.
$23M For V-GaN Tech Hub
Nick Grimley, Director of Entrepreneurship & Tech Commercialization
The Biden administration has announced $23 million in funding for Vermont’s Tech Hub, supporting projects to advance next-generation gallium nitride (GaN) semiconductors. This funding will establish a design facility at the University of Vermont, invest in workforce development, and enhance administrative and testing capabilities, though additional financial support is still sought for business innovation in GaN projects. “It opens up a considerable amount of opportunity,” Nick Grimley, Director of Entrepreneurship & Tech Commercialization, told WCAX-TV.
Outdoor Rec Economy Grows to $2.1B
Vermont’s outdoor recreation economy hit $2.1 billion in 2023, accounting for 4.8% of Vermont’s gross domestic product. Snow activities alone contributed $220M, up from $170M in 2022. Outdoor recreation also drives job creation and strengthens business in rural communities who rely heavily on activities to attract visitors. Employment in the outdoor recreation sector rose to 16,283 which is a 4% increase from 2022.
Land Use Review Board
Governor Scott appointed Chair Janet Hurley and members Alex Weinhagen, L. Brooke Dingledine, Kirsten Sultan, and Sarah Hadd to the new Land Use Review Board (LRB) which is set to meet for the first time at the end of January. The LRB replaces the Natural Resources Board and is responsible for the administration of Act 250, Vermont’s land use and development law. Part of LRB’s mission is to transition Act 250 to location-based jurisdiction, create new exemption areas to promote responsible development, and continue to protect natural resource areas.
Brownfields Revitalization Fund (BRF)
International Trade Assistance (STEP)
Vermont Employment Growth Incentive (VEGI)
Vermont Training Program (VTP)
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Montpelier, VT 05620-5001
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