Condos with spectacular views sit unfinished in April at Jay Peak Resort. VBM photo.
Vermont Business Magazine Special loan programs are now available for affected building contractors holding unpaid invoices for work done at Jay Peak and Burke Mountain Ski Areas. The Vermont Economic Development Authority (VEDA) and the Northern Community Investment Corporation (NCIC) are collaborating to provide interim working capital financing to eligible and qualified affected businesses as they face a busy summer construction season. VEDA has created the Jay/Burke Contractor Assistance Loan Program, providing financing through the Authority's Small Business Loan Program; no State funding will be utilized. Loans typically will be made for up to six years, with payments in the first year made on an interest-only basis. Loans will be due at the earlier of collection of the contractor's receivables, or at loan maturity, which may be extended, if necessary.
"There are companies who through no fault of their own are caught in a situation where they need working capital to be able to take on new construction contracts while they await payment, and protect their workers in the process," said Pat Moulton, Vermont Secretary of Commerce and Community Development.
"We believe it is vital to the health and vitality of these affected businesses to help them bridge their way to a robust 2016 construction season," said VEDA CEO Jo Bradley. "We are hopeful that an injection of interim working capital financing will help qualified businesses start new projects and keep their workforce employed, which is very important for the region."
"NCIC is working seamlessly with VEDA in this program to help contractors from the Northeast Kingdom of VT and Northern NH continue operations and sustain employment," said Jon Freeman, NCIC President.
Source: VEDA. 627.2016. For more information about the loan programs, visit www.veda.org and www.ncic.org