A partial list of financing and incentive opportunities available to businesses and entrepreneurs in Vermont.
Please reach out to the BDCC directly for more information and help matching your goals with specific programs at the local, regional, state and federal level. BDCC works closely with these programs to facilitate access for Windham businesses and employers.
The New Markets Tax Credit (NMTC) Program is one of the most high impact project funding tools available for development in Vermont. It looks to spur investment for economic development in rural and low income communities by providing a tax credit on investment in these communities. Vermont NMTCs are granted through Vermont Rural Ventures (VRV).
The BDCC has been involved in three local NMTC projects including the Brooks House renovation, G.S. Precision manufacturing expansion, and Chroma Technology Corp. expansion. For complete project descriptions visit BDCC’s Development Services page.
For more information on the NMTC program, contact Adam Grinold at firstname.lastname@example.org
The Southern Vermont Microentrepreneur Loan (MELP) has been established to provide financing for businesses, that are not able to obtain conventional financing, located in Windham and Bennington counties. Eligible uses include:
- Working capital;
- The purchase of furniture, fixtures, supplies, inventory or equipment;
- Debt refinancing;
- Business acquisitions; and
- The purchase or lease of real estate that is already improved and will be used for the location of the subject business only, provided no demolition or construction will be accomplished with program funding. Neither interior decorating, nor the affixing of chattel to walls, floors, or ceilings are considered
This program is accompanied with a technical assistance grant that can help to prepare a business to access the program as well as accompany any distributed loan. These funds require a credit elsewhere check, so for projects that are not ready for traditional lending, this program can provide access to capital, as well as, the technical assistance to ensure they will be able to access traditional financing in the future.
For more information about MELP contact R.T. Brown at email@example.com
The Vermont Economic Development Authority, VEDA, is a lending agency for Vermont businesses. Since 1974, VEDA has provided over $2.07 billion in financial assistance to Vermont businesses and farms in order to foster job growth and economic growth. Visit VEDA’s website to learn more about low-cost lending programs for businesses of all sizes. VEDA can offer some grant support, cash at closing; funding throughout the duration of project construction and implementation.
For more information about VEDA, contact Adam Grinold at firstname.lastname@example.org
VEGI, the Vermont Employment Growth Initiative, is a program that provides incentives for new economic activity. The Program can provide a cash payment to businesses based on new revenue generated through job and payroll expansion and capital investments. For more information about how the VEGI can help your business expand, check out our Knowledge Bites webinar on this subject!
For more information about VEGI, contact Adam Grinold at email@example.com
The Windham County Economic Development Program, WCEDP, promotes economic development in Windham County.The Windham County Economic Development Program’s revolving loan and grant fund was established to help offset the region’s loss of Entergy’s Vermont Yankee nuclear power plant. Each project needs to meet the program’s objectives and have economic impacts that align with the region’s Comprehensive Economic Development Strategy (CEDS). The program’s funds are made available through direct low-interest loans administered by VEDA, and competitive grants to organizations through an application process facilitated by the BDCC. Lending is authorized through the BDCC/ACCD/VEDA.
For more information about WCEDP funds, contact R.T. Brown at firstname.lastname@example.org
HubZone: The HubZone program is federally authorized through the US Small Business Administration (SBA) and provides small businesses in certain rural regions with preferential access to federal contracts. As a designated HubZone region, Windham County can provide access to these contracts for local small businesses if they are eligible. Visit the HubZone site to read more about eligibility and the benefits that the HubZone program can provide. To learn more on how to apply, and how to receive further assistance, check out our Knowledge Bites webinar on this subject!
For more information about the HubZone program, contact Adam Grinold at email@example.com
The Vermont Community Development Program (VCDP) assists communities on a competitive basis by providing financial and technical assistance to identify and address local needs in the areas of housing, economic development, public facilities, public services, and handicapped accessibility modifications. The VCDP authorizes federal Community Development Block Grants (CBDG) for eligible projects. Authorized through the ACCD/HUD.
For more information about the VCDP, contact Adam Grinold at firstname.lastname@example.org
The Vermont Training Program (VTP) partners with employers and training providers to train Vermont’s employees for the jobs of tomorrow. VTP provides workforce grants for a wide range of training needs including pre-employment training, training for new hires and incumbent workers. Training can either be on-site or through a training provider/vendor. Grants may cover up to 50% of the training cost. For more information about whether you qualify for the VTP and how to apply for funding if so, check out our Knowledge Bites webinar on this subject! Grants are authorized through the ACCD.
For more information about the VTP, contact Alex Beck at email@example.com
Additional Local, State and Specialty Incentives and Agencies:
Act 77 Green Mountain Power Incentive: This pilot program is built to provide incentives for moving from petroleum to electric and is authorized through Green Mountain Power.
Town Revolving Loan Funds: Some towns in the region have a revolving loan fund, which is used as a loan that is given to businesses with potential to increase employment and benefit the town. Revolving loan funds are not grants and must be re-paid in full; they are authorized by the town.
ExporTech: 12 week, state authorized program that helps manufacturers by providing a blueprint for how to access global markets and increase exports. The program connects businesses with international business experts in the region to help those businesses develop a plan for increasing export growth and then start executing that plan.
Green Mountain Power Economic Development Incentive Program (EDIP): Program to reduce the cost of energy for businesses that commit to, and show evidence of, energy use reduction over time. Rate discounts of up to 10% over a five-year period and are granted by Green Mountain Power.
Vermont R&D Credit: Tax credit authorized by the state of Vermont that provides an R&D tax credit (for businesses that have received a federal R&D tax credit) for eligible expenditures made in Vermont. This state credit is worth up to 27% of the federal tax credit for research and development.
State Trade and Export Promotion (STEP): Grant given to the state of Vermont by the US Small Business Administration with a goal of support international engagement of Vermont businesses, through trade missions, trade shows and export education. Grants are awarded through the state Agency of Commerce and Community Development, which states that, “Vermont’s focus is relationship development and export planning—diversifying our businesses to include global markets benefits companies and their employees.”
Vermont Economic Development Authority (VEDA) Bonds: Tax-exempt revenue bond program; bonds are granted by VEDA to manufacturers undertaking qualifying projects in excess of $1 million. The maximum amount of tax-exempt bonds that can be issued to a single project is $10 million.
Vermont Brownfields Revitalization Fund: Program from the Vermont Agency of Natural Resources designed to encourage projects that transform underdeveloped properties in an environmentally conscious and sustainable manner. Developers are provided with tools related to the limitation of environmental liability, technical assistance, and financial assistance in order to complete projects. In Windham County, Brownfields resources are distributed by the Windham Regional Commission.
For more information about any of these specialized opportunities, contact firstname.lastname@example.org