Vermont Department of Economic Development
From the Commissioner’s Desk
It’s often said that March comes in like a lion and goes out like a lamb. This month, our department has certainly been roaring across Vermont through collaborations, community visits, and conversations with partners throughout the state.
These opportunities allow us to connect directly with communities, hear about the challenges and successes they are experiencing, and work together on solutions that support Vermonters. The partnerships we build with local leaders, organizations, business are essential to the work we do every day.
Read about our visit to Essex County businesses in this issue.
Sincerely,
Lyle Jepson
Commissioner
Department News
In the Spotlight:
Experience Vermont’s Gold Standard
We’re more than pastoral landscapes and maple syrup. For over 45 years, we have been at the forefront of the captive insurance industry, and we work diligently to set and then raise the bar. Vermont is the number one domicile worldwide with over 1,400 licensed captives to date. Vermont is a thought leader in the industry and, for the fourth time, has been named International Domicile of the Year by Captive Review, a leading London-based trade publication. The award is given to the top captive insurance domicile in the world that has “outperformed its competitors and demonstrated the highest levels of excellence in the captive insurance industry.”
Captive insurance refers to a subsidiary corporation established to provide insurance to the parent company and its affiliates. A captive insurance company represents an option for many organizations, from Fortune 500 companies to nonprofits, that want to take financial control and manage risks by underwriting their own insurance rather than paying premiums to third-party insurers.
“The State of Vermont’s commitment to the captive insurance industry is evident through an abundance of resources and a dedicated service-oriented team focused on raising the bar of success and possibilities. We could not have chosen a better partner than Vermont to establish our captive,” - John Petrelli, Director of Risk Management and Professional Standards, Orange County, Florida (Licensed in 2025)
With one of the largest networks of experienced and knowledgeable regulators, management professionals, in-house examiners and service providers of any domicile, Vermont provides the resources necessary for your captive to thrive. And, with unparalleled legislative support, you can be sure your captive is secure and supported at every turn.
What’s more, the industry creates over 500 high paying jobs for Vermonters and brings in over $35 Million every year in premium tax revenue, which helps to support Vermont’s most essential programs.
LEARN MORE ABOUT CAPTIVE INSURANCE
Out and About
Pictured: Prototypes and parts produced by the Manufacturing Collaborative.
- Randolph, VT: Randall Szott (Vermont Training Program Director), met with The Manufacturing Collaborative leadership to discuss the Vermont Training Program and possible future partnerships. He provided an overview of the Vermont Training Program and gave examples of ways the program has supported previous collaborations. Randall toured the facility and spoke with VTSU students in the engineering program.
- Washington D.C: Tim Tierney (Director of International Trade and Business Recruitment) joined 40 other U.S. state international trade offices and partners at the State International Development Organization Washington Leadership Forum. Tim met with staff from Representative Balint and Senator Welch’s offices, federal trade agencies, and participated in round table discussions with partners at Meridian International Center and Council on Foreign Relations around the important role of growing our economy through international trade and investment. A large focus was placed on receiving reimbursements (since received) of State trade Expansion Program (STEP) funds and when and how the next STEP funding rounds will be released in order for us to help Vermont small businesses export and reach new markets.
Essex County “Capital for a Day”
Top: Ampersand Gilman Energy Facility. Center: Canaan Community Center, formerly St. Paul’s Episcopal Church. Bottom Left: Alice M. Ward Memorial Library. Bottom Right: Alice M. Ward Memorial Library Carriage House.
Vermont Resilience and Ingenuity in Essex County
As part of Governor Scott’s Capitol for a Day initiative, members of the administration visited Essex County on March 4th. Townspeople in each community turning out to greet administration senior staff. At nearly 6,000 residents, Essex is Vermont’s least populated county, but the people who live there make the most out of the resources at their disposal. They are determined and proud of where they live, and we were impressed by the resolute spirit that defines their work. We were reminded that Vermonters are resilient and act with ingenuity as they grow the economies in their local communities. We look forward to continuing to support our Essex County partnerships and others like them throughout the state, where Vermont resilience and ingenuity are on display every day.
The Department of Economic Development (DED) visit included:
Alice Ward Memorial Library & History Museum, Canaan, where Commissioner Lyle Jepson, Deputy Secretary Tayt Brooks and Deputy Commissioner Nick Grimley toured the historic structure built in 1846. Once the northernmost stop on the Montreal stage route, it is now connecting people through community and educational programs. Library Trustee, Georgiana Carr, provided a tour of the soon to be renovated library carriage house. The carriage house will serve as an addition to the Library. The project is funded in large part by a Department of Libraries grant.
DED, Dept of Housing and Community Development (DHCD) and Dept of Public Service staff toured the Ampersand Gilman Energy facility. The site includes 280 acres of land, buildings, and infrastructure which historically were part of the former Georgia-Pacific papermill in Gilman, VT and Dalton, NH. This includes an operating 4.95 MW hydro facility, employing 4 people, and vacant buildings with over 160,000 square feet of potentially usable space. The long-term vision is to create a mixed use, mixed income campus powered by clean energy and attractive to light industry, including housing, co-working spaces and recreation, sport, and tourism facilities while deploying modular construction potentially manufactured on-site.
DED staff visited former St. Paul’s Episcopal Church. Commissioner Jepson listened to the process that involved the Church being dismantled, moved, and reconstructed at its current location. The former Church will serve as the Cannan Community Center and a gathering location; renovations are underway for the ongoing project which includes funding from Norther Boarder Regional Commission grant.
The Concord Station DED and DHCD staff ended the day at a now thriving convenience store owned by local businessman, Spencer Hudson. The state’s Brownfields Reuse & Environmental Liability Limitation program (BRELLA) was instrumental in bringing the facility online after Hudson bought the long-shuttered store, formerly called Barnie’s Market, in 2024.
In The News
Tariff Update: DED Tackles Tariff TA with Senator Welch’s Assistance
In early February, Director of International Trade, Tim Tierney, received welcomed news from Senator Peter Welch and his team that the Department of Economic Development was awarded $250,000 through Congressionally Directed Spending for “Technical Assistance to Small Businesses for Navigating Changes to International Trade.”
Tim, Commissioner Jepson and Deputy Commissioner Grimley are convening with stakeholders to flesh out the process for administering the technical assistance to Vermont businesses affected by 15% global tariffs, now that the Trump Administration’s previously implemented emergency tariffs under the International Emergency Economic Powers Act (IEEPA) were struck down by the Supreme Court on February 20th.
On Friday, March 6th, the Customs & Border Protection agency announced it will have a payment processing system up and running within 45 days to refund businesses that lost revenue from the IEEPA tariffs.
Until the technical assistance process is developed, access to up-to-date information and resources on issues related to the tariffs can be found on the ACCD website.
Record-Breaking Response for NBRC Programs
NBRC has received a record-breaking number of pre-applications from across its four-state service area, demonstrating strong regional interest and engagement in this year’s funding opportunities.
Pre-application submissions for CATALYST, Forest Economy Program (FEP), and Timber for Transit (T4T) are now officially closed and all submitted pre-applications are currently under review.
Applicants selected to move forward will be invited to submit full applications, will be due April 17.
Regional Development Corporation Highlight
FOR IMMEDIATE RELEASEContact: Fred Kenney, Interim Executive Director (802)777-8349 [email protected]
Central Vermont Economic Development Corporation Announces Path Forward Focused on Resilience and Mission
The Central Vermont Economic Development Corporation (CVEDC) today announced that Fred Kenney, who has 30 years of economic development experience, has been brought on to lead the organization as Interim Executive Director during a transition period. Fred recently retired after serving as Executive Director of the Addison County Economic Development Corporation for eight years. Previously, he served as Executive Director of the Vermont Economic Progress Council for 15 years, and before that on Senator Patrick Leahy’s staff for 13 years.
CVEDC is focused on organizational resilience, long-term sustainability, and an unwavering commitment to the region it serves. Building on a strong track record of impact, CVEDC emphasized that its mission remains unchanged: supporting businesses, communities, and economic vitality across Central Vermont.
“Our focus remains firmly on serving the employers, communities, and partners who rely on us every day,” said Ed Larson, CVEDC Board Chair.
CVEDC highlighted the critical role of both statewide and local partners as the organization moves through this transition. The State of Vermont continues to provide guidance, oversight, and alignment to ensure regional economic development efforts remain strong, coordinated, and effective.
“The State of Vermont is committed to supporting CVEDC as it navigates this period of transition,” said Lyle Jepson, Commissioner of Economic Development. “Central Vermont businesses and communities depend on the services CVEDC provides, and we are working closely with the organization to help ensure stability and continuity. The region deserves a strong, forward-looking economic development partner - and we believe CVEDC is that partner.”
Local and regional partners, including long-standing supporters like the National Life Group, are also expected to play an essential role in the organization’s continued success. CVEDC emphasized that partnerships - public and private - will be a driving force behind its long-term sustainability.
CVEDC will continue providing regular updates on its progress, upcoming initiatives, and opportunities for businesses and municipalities to engage with its programs and services.
About the Central Vermont Economic Development CorporationServing Central Vermont for 50 years, the Central Vermont Economic Development Corporation (CVEDC) is a regional economic development organization, dedicated to supporting businesses, municipalities, and workforce partners. CVEDC works to strengthen the region’s economy by providing technical assistance, fostering strategic partnerships, and advancing initiatives that help businesses start, grow, and thrive.
Opportunities and Resources
Congressionally Directed Spending (CDS) Requests Are Now Open!
Thank you for your interest in the Congressionally Directed Spending (CDS) process and your commitment to improving our communities. Senator Welch is now accepting CDS requests for state and local government entities and non-profit organizations based in Vermont for Fiscal Year (FY) 2027.
Please CLICK HERE for Senator Welch’s FY27 CDS Portal.
This funding opportunity allows Members of Congress to request funds in the annual federal budget to be allocated for specific projects in their states and is an opportunity for eligible entities to obtain a one-time allocation of funds for projects. These requests must be completed and submitted via electronic application by Thursday, March 26, 2026, at 6:00 PM EST.
Please note that the Senate Appropriations Committee has set the following conditions on CDS items:
• Eligible entities include state and local government entities and non-profit organizations. For-profit entities are not eligible.
• CDS projects that are selected for funding by the Senate Appropriations Committee are subject to audits by the Government Accountability Office.
• Entities that are awarded CDS projects through the appropriations process will still need to go through the federal grant review process with the relevant agency to receive the funding.
• Funding is limited, and not all submitted requests will be funded.
Organizations are encouraged to submit their requests early to accommodate corrections that need to be made or questions that need to be answered before the deadline. As a reminder, all forms must be completed and submitted by Thursday, March 26, 2026, at 6:00 PM EST.
The FY27 CDS Form is subject to change pending further instructions from the Senate Appropriations Committee, which has not yet issued instructions for FY27. A specific list of the accounts for CDS requests and their eligibility requirements from FY26 is available HERE.
While funding projects through CDS is an option, organizations are also strongly encouraged to consider pursuing and applying for federal grants. Information on federal grants that are administered through the various government agencies is available through the Grants.gov Program Management Office. The website address for federal grant programs is https://www.grants.gov.
Thank you for your commitment to the CDS process. We appreciate your efforts in providing valuable projects for consideration. If you have any questions or require assistance, please feel free to reach out to us at [email protected].
The fabrication and talent development center at the Vermont State University in Randolph serves as a hub for collaborating on real-world manufacturing challenges. This non-profit is available to empower U.S. manufacturers with industry solutions and to bring together renowned industry experts and leading-edge technologies. Learn more at: The Manufacturing Collaborative.
Nonprofit Revolving Loan Fund Registration
If you are a Non-profit Organization conducting lending activities through a Revolving Loan Fund, you must register the with the Commissioner of Department of Economic Development to be exempt from the licensing requirements of the Department of Financial Regulation.
To register your revolving loan fund for an exemption, please compete this form.
Please note once registered this form must be submitted annually in January to maintain licensing exemption.
Interested in funding available in Vermont through Non-profit Revolving Loan Funds?
You can explore the Revolving loan Fund Registry here.
SBA Loan Programs for Vermont Manufacturers
Did you know the U.S. Small Business Administration (SBA) offers loan programs designed specifically for manufacturers?
Programs like the 7 (a) MARC (Manufacturers Access to Revolving Credit) Loan Program and the 7(a) Working Capital Pilot Program provide flexible financing to help manufacturers increase liquidity, manage inventory, take on new contracts, and expand into new markets.
If your company is looking to grow, these programs could provide the capital needed to move forward.
The Vermont SBA District Office can help you learn more on their website about these opportunities, along with resources, events, and success stories from manufacturers across the region. Vermont | U.S. Small Business Administration.
Upcoming Events
Connect with Vermont APEX at the SAME Contract Opportunities & Small Business Showcase
Join Joanne Spaulding (Program Manager) and Brenda Plastridge (Procurement Counselor) from the Vermont APEX Accelerator at the 23rd Society of American Military Engineers (SAME) Boston Post Contract Opportunities and Small Business Showcase.
The event will take place on March 19 from 1:00–7:00 PM at the Westin Waltham Hotel, 70 Third Avenue, Waltham, MA.
This showcase offers businesses a valuable opportunity to connect directly with key agency representatives, learn about regional contract opportunities, and highlight their companies while meeting potential partners across the industry.
Businesses attending can gain insight into upcoming projects, expand their networks, and explore new pathways to government contracting opportunities.
For more information and to register: SAME 2026 SB Event
Celebrate Vermont Manufacturing Day at the State House
Join the Vermont Chamber of Commerce on April 2, 2026, at the Vermont State House for Vermont Manufacturing Day—a special opportunity to bring together manufacturing businesses, industry leaders, and legislators to recognize the vital role manufacturing plays in Vermont’s economy.
This event offers a chance for manufacturers to share their stories, strengthen connections, and help shape the future of the industry in Vermont.
During the day, participants will have the opportunity to:
- Connect with legislators and discuss the issues that impact your business
- Share the challenges and opportunities facing Vermont manufacturers
- Celebrate the manufacturing sector’s impact on Vermont’s economy
Vermont Manufacturing Day is an important moment to ensure the voices of manufacturers are heard while highlighting the innovation, jobs, and economic growth the industry brings to communities across the state. Register Here
Innovation in Action: RAPID + TCT Comes to Boston This April!
North America’s largest additive manufacturing and industrial 3D printing event is coming to the Thomas M. Menino Convention & Exhibition Center in Boston from April 13–16. The RAPID + TCT Conference will feature 160+ technical presentations and 450 leading additive manufacturing solution providers, bringing together the latest technologies, innovators, and industry partners.
This premier event offers a unique opportunity to explore cutting-edge solutions, connect with industry experts, and discover new ways to tackle your organization’s manufacturing challenges.
Courtesy of the Collaborative, you can take advantage of a special offer:
Use promo code 17272620 to receive a FREE RAPID + TCT 2026 Expo Pass (a $125 value) and 20% off conference passes.
Register today through TMC - Rapid + TCT April 2026. Be sure to use this link and the promo code to receive the discounts.
Learn all you can about the additive manufacturing industry
Vermont Companies Invited to Join Aerospace Innovation Forum Delegation
The Vermont Agency of Commerce and Community Development (ACCD) is inviting Vermont businesses to join the Vermont Delegation at Aéro Montréal’s 2026 International Aerospace Innovation Forum, a premier international event focused on aerospace innovation, collaboration, and global partnerships.
Companies participating with the Vermont Pavilion will gain visibility and valuable connections through shared exhibit space and business-to-business (B2B) matchmaking services during the forum.
To support Vermont companies, ACCD will reimburse the $1,800 registration fee for up to one staff member per company upon attendance at the forum. Participation in the pavilion and related activities is also eligible for STEP support.
This is an excellent opportunity to showcase Vermont’s aerospace expertise, connect with global industry leaders, and explore new international business opportunities.
Questions about the forum?
Contact Nathan Davidson, State Trade Expansion Program Manager
Phone: (802) 622-4001
Email: [email protected]
OUR PROGRAMS
Brownfields Revitalization Fund (BRF)
Community and Housing Infrastructure Program (CHIP)
International Trade Assistance (STEP)
Vermont Employment Growth Incentive (VEGI)
Vermont Training Program (VTP)
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Montpelier, VT — March 9, 2026 — Vermont Department of Economic Development
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