Manufacturing, Ag, Travel + Tourism Among Top Industries Helped
Vermont Business Magazine The Vermont Economic Development Authority (VEDA) has fully deployed funding through its Short-Term Forgivable Loan Program.
The program, enacted by the Vermont Legislature during the 2022 session, was created to support businesses experiencing lasting economic effects of the COVID-19 pandemic, with $19 million allocated from the state’s American Rescue Plan Act (ARPA) funding.
A total of 201 loans were disbursed to businesses in all of Vermont’s 14 counties. The majority were concentrated in Chittenden, Washington and Addison Counties, and in the manufacturing, agriculture, and travel and tourism/hospitality industries.
Of the $19 million deployed, $18.5 million was provided in loan form, with the remaining $500,000 reserved for expenses incurred in administering the program and additional expenses to administer the forgiveness of the loans..
“We are thrilled to have utilized the full appropriation of this program,” VEDA CEO Cassie Polhemus said. “The COVID-19 pandemic was unprecedented and will have lasting impacts on nearly all small businesses in some way. The fact that we were able to provide some relief as people work to rebuild and revitalize is incredibly rewarding.”
For more information about this and other VEDA programs, visit veda.org.
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 police goals. Veda.org
MONTPELIER, Vermont (April 11, 2023) — Vermont Economic Development Authority
